Over 70,000 XRP Holders Join Class Action Lawsuit Against SEC

August 8, 2022 10:18 pm Comments

According to attorney John Deaton, more than 70,000 XRP holders have already joined in on a class action lawsuit against the SEC.

The amount of support here has come a long way since the start of the lawsuit where only 7 XRP holders were involved back in January 2021.

As a result, the class action lawsuit can be seen as a tipping point for XRP when it comes to determining whether or not XRP is truly considered a security.

With such a high amount of people joining in on this class action lawsuit, it is estimated that supporters are coming from every US state and many foreign countries.

U.today reports:

If the lawyer is to be believed, XRP enthusiasts from every U.S. state and 141 countries around the world have joined the case against the SEC.

Speaking directly to Gary Gensler, the regulator’s commissioner, Deaton, said victory would be on the side of XRP, referring to the lawsuit as a war.

This event is another chain in an ongoing lawsuit initiated by the SEC over crypto start-up Ripple and its token, XRP, which the commission considers to be a security. Many in the know have noted that the process has moved into the “dirty” stage, with parties trying in every way to pressure their opponent and acting rather insidiously.

Ripple’s lawyers have recently filed a petition accusing the SEC of suppressing and coercing the company.

Pro-XRP attorney Jeremy Hogan also accused the regulator of hindering the process when they refused to identify the speeches of their employees, which included recordings of Richard Jackson, the former head of the SEC under Trump.

In regards to how the current SEC lawsuit is going, it appears that Ripple is continuing to make a strong case for its own defense.

As a result, Ripple is largely ensuring that the court is able to make its decisions to the best of its abilities while the community criticizes the SEC for using delay tactics to extend the length of the lawsuit.

With that, the blockchain company is largely unaffected and has also shifted to a model where it can continue to grow internationally while the lawsuit is in progress within the US.

This way, once the lawsuit does finally finish, the value of the company and XRP may see significant change to indicate the tremendous amount of growth that Ripple has experienced over the past two years.

U.today concludes:

No matter how the process goes, Ripple seems to have given it up to the judges and lawyers and is concentrating on its own operations.

Judging by the company’s latest report, that was the right decision.

Thus, it was reported that Ripple increased XRP sales by 49% in the second quarter of the year on growing demand due to the growing adoption of its On-Demand Liquidity product among global customers.

But what is important is that the sales of XRP to these liquidity hubs are done by repurchasing XRP from the secondary market.

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