Ripple v. SEC: 70,100 XRP Holders Join Class Action Lawsuit Against SEC
More than 70,000 Ripple holders have joined the class-action lawsuit against the US SEC according to John Deaton, founder of CryptoLaw law firm and representative of XRP holders in court. Noting the success of the company, Deaton said that the seven holders who participated in the case in January 2021 became 70,000, and this is a real revolution.
If the lawyer is to be believed, XRP enthusiasts from every US state and 141 countries around the world are joining the lawsuit against the SEC. Speaking directly to Gary Gensler, the regulator’s commissioner, Deaton said victory is on XRP’s side, calling the lawsuit a war.
The event is another chain in an ongoing lawsuit brought by the SEC over crypto startup Ripple and its XRP token, which the commission considers a security. Many experts have noticed that the process has moved to a “dirty” stage, where the parties try to put pressure on their opponent in every way and act inconspicuously.
Ripple’s lawyers recently filed a petition accusing the SEC of oppressing and pressuring the company. Pro-XRP lawyer Jeremy Hogan also accused the regulator of obstructing the process by refusing to declassify its staff’s conversations, which included tapes of Richard Jackson, the former head of the SEC. under Trump.
Ripple went unnoticed by the SEC
Despite the lawsuit, Ripple appears to have left it to the judges and lawyers to focus on its own operations. Judging by the company’s latest report, it was the right decision. Therefore, Ripple XRP sales are reported to have increased by 49% in the second quarter of the year due to increasing demand due to the increasing adoption of the On-Demand Liquidity product by global customers. But what is important is that the sale of XRP in these liquidity hubs is done by buying back Ripple XRP from the secondary market.