The lawsuit brought against Ripple Labs by the U.S. Securities and Exchange Commission (SEC) is not the only war the business is presently engaged in.
The action, which is being handled in the U.S. state of California, is being brought by lead plaintiff Bradley Sostack, who has merged three claims (Zakinov, Oconer, and Greenwald) into one.
Attorney John E. Deaton, who is previously participating in the Ripple vs. SEC and LBRY vs. SEC cases with separate amicus briefs, is now becoming involved in this case as well. According to a series of tweets by renowned criminal defence attorney James Filan, Deaton is writing an amicus brief in Zakinov v. Ripple.
Filan adds that the proposed class would contain XRP holders from throughout the globe, including the 75,890 SEC case holders who have joined Ripple’s claims and disagree with the Zakinov plaintiffs that XRP is a security.
In addition, the proposed class action is not confined to direct sales by Ripple, but rather includes all sales of XRP, including secondary sales and foreign sales in jurisdictions where the cryptocurrency has already been designated as non-security.
Deaton contends in his petition that the court should not certify the class because of these inconsistencies and because just a tiny number of token holders claim that XRP is unregistered security, whilst a large majority of token holders said that it is not.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.