Lawyer joins Ripple’s California case over XRP’s security classification

02/07 11:32

According to Finbold, besides the developments in the lawsuit by the Securities Exchange Commission (SEC) against Ripple over the sale of XRP tokens, the company’s other long-running legal battle in California is recording increased interest. In particular, Ripple has been facing a class action since 2018, where XRP investors sued the company, and its CEO, Brad Garlinghouse. In the lawsuit, the plaintiffs claim that the company sold XRP as an unregistered security and are seeking damages for the losses they suffered. Additionally, they are requesting that the court declare XRP a security. Under the latest update, United States defense attorney James Filan, in a tweet on February 7, revealed that lawyer John Deaton would be joining the matter, filing a motion as an amicus brief. It’s worth noting that Deaton is representing XRP holders in the Ripple v.SEC matter. Filan noted that the filing by Deaton will include XRP holders worldwide, alongside other 75,890 holders in the SEC case who have disagreed with the plaintiff’s arguments.
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