More XRP owners are now complaining to the SEC that its litigation caused them to suffer significant losses.
In a class action lawsuit brought against the Securities and Exchange Commission, John Deaton is defending more and more Ripple (XRP) holders. More XRP investors feel the need to join Deaton’s class action as the SEC and Ripple lawsuit moves into the summary judgment stages.
The SEC’s lawsuit against Ripple led to significant losses for XRP holders, which led to the class action. The Securities and Exchange Commission asserts that XRP is a security and that by making an unregistered offering of the cryptocurrency in 2013, Ripple violated American securities laws.
XRP Sanctioned By Major Exchanges
Several US-based cryptocurrency exchanges, including Coinbase, were forced to stop supporting XRP when the SEC launched the case. These cryptocurrency exchanges worry that the SEC may look into them for supporting the trade of XRP, which it asserts is a security, due to the possibility that it is.
The value of XRP plummeted after it was removed from several U.S.-based exchanges, leaving many investors with enormous losses. The SEC lawsuit against the SEC was referred to by Ripple General Counsel Stuart Alderoty as a “rug pull” on XRP investors.
Deaton Taking the Fight to the SEC
Attorney Deaton’s pursuit of justice for the XRP lawsuit’s victims has remained on an upward trajectory in the meantime. The creator of Crypto Law has asked the XRP community to share information about the market capitalizations of Ripple, Bitcoin, and Ethereum as of January 3, 2018.
Attorney Deaton’s appeal was echoed by the official Crypto Law Twitter account, which urged community members to contact Deaton for the necessary details as he continues to represent 75K XRP holders.
Ripple Labs Keeps Growing
As the legal battle with the SEC rages on, Ripple Labs is upbeat about the future. So upbeat that they are signing new partnerships and expanding into new countries as they prepare for the outcome of the suit.
This week, Ripple signed partnerships for its “On-Demand Liquidity System” with Lemonway, a regulated payments provider for online marketplaces with headquarters in Paris, and Xbaht, a Swedish money transfer company that specializes in remittance transfers between Sweden and Thailand.
Image Courtesy of Pexels
