XRP holders are the key to a lawsuit against Ripple Labs
Former federal prosecutor James K. Filan was involved with the lawsuit filed by the Securities and Exchanges Commission (SEC) versus Ripple Labs and its executives. Accused of alleged illegal sale of the unregistered security, XRP, Filan shared his opinion on the case, presented crucial documents, and argued with the community an important subject.
Filan stated that the XRP community, with their active role and participation, is making “a huge impact” on the case. As evidence, the lawyer stated that the court from the Southern District of New York handling the case has increased the accommodation for the public from 500 to 4,000 people.
The court also opened an international call-in number for any person interested with the discovery conference. This session will then take place on April 30th and will regard the SEC contacting the foreign regulatory entities in order to build its case against Ripple Labs. The defendants considered this to be a violation of Federal Procedure and the Hague Convention.
Another community effort has been led by Atty. John E. Deaton. Last March, Deaton introduced a formal pre-filing pleading. Then later on, Judge Analisa Torres granted him permission to represent more than 10,000 XRP investors.
Furthermore, Deaton recently asked the community to sign a petition to ask SEC Chairman Gary Gensler to “End the War on XRP.” The regulator filed this lawsuit during the administration of Jay Clayton at the SEC, Gensler is believed to have a pro-crypto approach. Deaton stated that the petition will be a way to “apply pressure from every possible angle.”
The lawyer also tries to create a “searchable list” for all XRP holders that have signed his introduced petition for a Class Action Lawsuit. Deaton said:
“I hope to produce a searchable list of everyone who has signed up – all 12,700 plus. That way you can see your name and know you have been included. If you’re name is not on the list for some reason then we will make sure it gets included. Thanks.”
Deaton emphasized the importance the SEC versus Ripplebs case could have for the entire crypto world. If successful, some experts claimed that the regulator can try to pursue similar action against the other crypto projects.
With that sense, Commodities and Futures Trading Commission (CFTC) Dawn Stump is said to be “watching the outcome of this lawsuit.” Considering it as a key point for the other entities in the US to obtain regulatory clarity.
“The question of whether XRP is a security will be crucial. XRP is similar to bitcoin and other digital assets but also different in key respects, which prompted the SEC’s investigation (…). I am watching the outcome of this case closely because it will help to establish the scope of the SEC’s authority in the digital assets space.” Commissioner Stump stated.
XRP now trades at $1.34 with 3.9% losses in the daily chart and 24.8% in the weekly chart. In the last 30 days, XRP has seen a 159% rally.
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