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HomeCrypto NewsMarketDate Announced for Public Hearing on Lawsuit Claiming XRP is a Security

Date Announced for Public Hearing on Lawsuit Claiming XRP is a Security


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The hearing will take place later today.

A hearing on class certification in the Zakinov v. Ripple case is scheduled for later today. According to CryptoLaw, a US legal and regulatory news platform, the hearing will occur today in California’s federal court by 4:30 PM (ET).

Interestingly, the Judge has given online access to only 500 members of the public, who are required to join the proceedings via a login notice shared by CryptoLaw.

“The hearing is for oral arguments on the question of certifying the class of XRP holders suing Ripple,” CryptoLaw noted.

The plaintiff, Bradley Sostak, who claims that XRP is a security, seeks to be the lead plaintiff in the case. He also wants to represent all XRP holders, including those who owned and sold the cryptocurrency at a loss and other investors still holding the asset class.

Prominent US defense lawyer James K. Filan also announced the hearing details via his Twitter handle.

Deaton Reacts

Commenting on the development, the founder of CryptoLaw attorney John Deaton, who represents thousands of XRP holders as amicus curiae (a friend of the court) in the US SEC’s case against Ripple, said he would attend the hearing virtually. 

According to attorney Deaton, the Judge does not allow amicus counsel to participate in oral arguments, irrespective of whether the amicus brief has been granted. He described the development as a long-standing rule of the Court, adding that the decision does not affect the case. 

As reported earlier, attorney Deaton filed a motion for leave to file an amicus brief on behalf of more than 75,000 XRP holders in the lawsuit. However, the Judge has not ruled on his motion yet. 

The founder of CryptoLaw asked members of the XRP community not to interrupt the proceedings while pleading that they should not contact anyone associated with the case, including the Plaintiff and Ripple’s lawyers. 

Zakinov v. Ripple Case

For context, the plaintiff seeks to certify a class of all XRP holders who purchased, sold, and hold the sixth-largest cryptocurrency at a loss.

The complainants request that the court recognize them as a fair representation of XRP holders globally, irrespective of whether they bought the crypto asset from Ripple or in the secondary market.

Notably, the request did not sit well with Deaton, who believes that a few plaintiffs in the case cannot represent thousands of XRP investors who disagree with their claim that XRP is a security.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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