Over 70,000 Ripple (XRP) holders have joined John Deaton’s class action lawsuit against the US Securities and Exchange Commission (SEC).
70,100 for now. @GaryGensler & @SECEnfDirector 70K or more #XRPHolders Diverse backgrounds from all 50 states, all US territories, and 141 countries around 🌍 have united 🆚 to fight Howey’s illegal expansion.
you lose the war https://t.co/FHr5HkUxOh
— John E Deaton (210k followers beware of scammers) (@JohnEDeaton1) August 8, 2022
According to Deaton, the SEC’s decision to sue Ripple and its executives for securities law violations is affecting the value of XRP, thereby causing financial harm to investors in the asset.
in him opinionthe impact of the SEC lawsuit on XRP is enough to file a lawsuit against the Commission.
“If the SEC really believes XRP is an unregistered security, why are they allowing the token sale during the ongoing litigation?”
This shows the SEC’s allegations to be absurd. The only reason Robinhood won’t list her XRP is a pending case. XLM was born out of XRP. The Stellar Foundation acknowledges that it sells XLM to operate for no other purpose. Same founder. For XRP, XLM must be a security, but stated https://t.co/41lseEQ1xr
— John E Deaton (210k followers beware of scammers) (@JohnEDeaton1) August 8, 2022
Meanwhile, Deaton said in a tweet on August 8 that Stellar Lumens (XLM) should also be classified as a security under the SEC’s definition. According to him, “XLM he was born out of XRP” and has “the same founder.”
Ripple and SEC updates
Meanwhile, litigation between the SEC and Ripple continues, with the commission accused of using “delay tactics.”
Crypto attorney James Filan accused the SEC of wasting courtroom time after the commission presented evidence. One Line Response to Court He said he would not take any position on Ripple’s request to reopen its fact-finding.
#XRP Community #SECGov v. #Ripple #XRP The SEC has filed a one-line response to Ripple defendants’ efforts to enforce Judge Netburn’s ruling regarding the certification of videos of SEC staff statements. The SEC has said it will not take any position on Ripple’s request for re-disclosure. pic.twitter.com/AXU0XDYhSi
— James K. Filan 🇺🇸🇮🇪 108k (please be careful of impersonation) (@FilanLaw) August 9, 2022
Ripple simply wants to authenticate seven videos of SEC employees giving speeches, and the SEC is messing with it again (the SEC played the game last year with its original response).
Certification is standard in litigation and shouldn’t be too difficult. https://t.co/tUizICh18V pic.twitter.com/KSVQNLpQ82
— Jeremy Hogan (@attorneyjeremy1) August 4, 2022
A judge had previously ordered the commission to authenticate certain videos presented by Ripple containing statements by SEC officials.
Ripple had asked permission to serve a subpoena to the platform holding the video. However, the SEC misinterpreted this as a request to reopen disclosures, which it did not.
Filan said:
The SEC’s response is an abuse of the judicial process and a waste of court time, evidenced by the fact that the SEC waited five days to file a one-sentence response that misinterpreted Ripple’s original request. “
The SEC’s response was an abuse of the judicial process and a waste of the court’s time, evidenced by the fact that after the SEC waited five days to file a one-sentence response, the SEC misunderstood Ripple’s original request. will be The original request is below. pic.twitter.com/xyUw93lv2Z
— James K. Filan 🇺🇸🇮🇪 108k (please be careful of impersonation) (@FilanLaw) August 9, 2022
