According to John Deaton, founder of law firm CryptoLaw, more than 70,000 XRP holders have participated in a class action lawsuit against the U.S. Securities and Exchange Commission. Noting the success of the initiative, Deaton said that in January 2021, the seven people involved in the case turned into 70,000, and this was the real revolution.
According to attorney John Deaton, the ongoing lawsuit sees a significant increase in the number of XRP investors backing Ripple against the United States Securities and Exchange Commission (SEC). A few weeks ago, the said number was around 67,000, but the number of Ripple supporters among XRP investors legally showing their support has soared to over 70,000. John Deaton posted this on Twitter a few hours ago. announced.
70,100 as of now. @GaryGensler & @SECEnfDirector over 70K #XRPHolders from diverse backgrounds from all 50 states, every US territory, and 141 Countries around the 🌍 have joined together to fight 🆚 your unlawful expansion of Howey.
You will lose the war. https://t.co/FHr5HkUxOh
— John E Deaton (210K Followers Beware Imposters) (@JohnEDeaton1) August 8, 2022
Koinfinans.com As we reported, the attorney representing XRP holders, in a tweet, appealed to SEC chairman Gary Gensler and the SEC Executive Director, reiterating the regulator’s belief that he will lose the battle against Ripple and XRP.
Deaton Sues SEC for Harming XRP Holders
The price of XRP plunged drastically shortly after the SEC accused Ripple of an unregistered sale of securities in the United States.
Things got worse after US crypto exchanges started removing XRP from their trading platforms for fears that it could be investigated by the SEC. After the massive drop in the XRP price, attorney Deaton said he could sue the SEC for harming investors.
Then, attorney Deaton granted Amici Curiae status in the case, along with six others who filed a class action lawsuit against the SEC after various efforts.
SEC Plans to Prevent Litigation from Failed
Alongside these, the SEC sought to have attorney Deaton ousted from the case. The SEC argued that attorney Deaton made the name of one of his experts public, which resulted in a series of threats and harassment against the witness.
The SEC, however, was unsuccessful in its plans to have attorney Deaton ousted from the case. Analisa Torres, the judge handling the case, said in a recent ruling that she believes attorney Deaton would be helpful in making a summary judgment.
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Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.