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More XRP holders are joining John Deaton’s class action lawsuit against the SEC.
The number of Ripple (XRP) holders joining lawyer John Deaton’s class action lawsuit against the Securities and Exchange Commission (SEC) has been growing rapidly in recent weeks.
A few weeks ago, the number of XRP holders who said they were affected by SEC allegations against Ripplewas about 68,000 peopleand nand today more than 70,000 XRP holders have joined.
In a tweet posted by attorney Deaton today, a total of 70,100 XRP holders from all 50 US states and 141 countries around the world have joined his lawsuit against the commission.
“70,100 at the moment. Gary Gensler and @SECEnfDirector, over 70,000 XRP holders from all over the world in all 50 states, all US territories and 141 countries around the world have united to fight against your illegal use of Howie. You will lose the war.” Deaton’s lawyer tweeted.
70,100 as of now. @GaryGensler & @SECEnfDirector over 70K #XRPHolders from diverse backgrounds from all 50 states, every U.S. territory, and 141 Countries around the 🌍 have joined together to fight 🆚 your unlawful expansion of Howey.
You will lose the war. https://t.co/FHr5HkUxOh
— John E Deaton (210K Followers Beware Imposters) (@JohnEDeaton1) August 8, 2022
Deaton sues the SEC for harming XRP holders
Recall that shortly after the SEC accused Ripple of conducting an unregistered securities offering in the United States, the price of XRP fell sharply.
The situation worsened after cryptocurrency exchanges in the US began delisting XRP from their list of trading platforms due to concerns that the SEC could launch an investigation for facilitating trade in the crypto asset.
After the XRP price plummeted, Deaton’s lawyer said he could sue the SEC for harming investors. XRP holders currently have court status Amici Curiae – “friends of the court”.
As Ripple’s lawsuit against the SEC moves closer to expert opinion, more XRP holders are joining the class action.
SEC wants to remove Deaton from lawsuit
Meanwhile, the SEC tried to remove Deaton’s lawyer from the lawsuit. The Securities and Exchange Commission alleged that Deaton’s attorney publicly announced the name of one of his experts, prompting a series of threats and harassment of the witness.
However, the agency failed to follow through on its plans to remove Deaton’s attorney from the trial. Judge Analisa Torres in her recent ruling believes Deaton’s lawyer would be useful in a simplified manner, where he can file an application to inform SEC experts of his concerns.
“Movanty may file an application to state his concerns about the SEC examiner and other important and useful matters relating to the parties’ alleged motions for summary judgment,” Judge Torres said.
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