A New Direction Is Taken In Legal Action Against Ripple Labs
The U.S. Securities and Exchange Commission (SEC) has been pursuing legal action against Ripple Labs and its two top executives for potential securities breaches. But this isn’t the only legal issue the business is dealing with. John Deaton, the attorney, has now chosen to help the defendants in the current legal proceedings.
Deaton submits a motion in support of XRP investors.
The Zakinov v. Ripple litigation has just received a motion to file an amicus brief from attorney John Deaton. He claimed in the motion that holders of XRP wish to submit a brief in defense of the defendants opposing the lead plaintiff’s request for class certification.
The main plaintiff (Zakinov), according to court documents, has objected to the XRP holders’ desire to file the brief. The objection, however, demonstrates that the over 75,000 XRP holders do not share the proposed class in the case’s main plaintiff’s interests.
The proposed Amici Curiae are six different XRP holders individually and SpendTheBits, Inc., according to court records. The viewpoint of XRP holders is thought to be separate from that of the parties engaged in the lawsuit.
Notably, the main plaintiff bought XRP between January 1 and January 16 and liquidated their holdings between January 9 and January 17. On the other hand, the 75,000 XRP holders who make up the proposed Amici still possess XRP.