Ripple’s Proponent, John Deaton To Join Zakinov V Ripple Case To Fight Claims That Tags XRP As A Security.
John Deaton, the attorney that represents over 75,000 XRP holders as a friend of the court in the US Securities and Exchange Commission case against Ripple, is set to request to join the Zakinov v Ripple case to fight investors’ claims that XRP is a security.
Attorney Deaton To Fight Claims Against XRP In Zakinov V Ripple Case
According to the tweet shared by Ripple’s defence lawyer, James Filan K, saying; “Attorney Deaton will be filing a Motion to File an Amicus Brief in Zakinov v. Ripple in California. The plaintiffs claim that Ripple sold XRP as an unregistered security.”
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Furthermore, the defence attorney, from Deaton’s role in the Ripple case, knows that at least 75,000 XRP holders disagree with the complainants’ position in the Zakinov suit. As a result, Deaton will be arguing against the certification of the class, asserting that there are differing views on XRP’s classification and that the small number of plaintiffs in the Zakinov case can not fairly represent so many others who disagree with their stance.
As a means of attestation to Filan’s statement, Deaton said regardless of the opposition, he is willing to fight all claims that secondary market sales of tokens represent securities.
However, the court has given a go-ahead to Deaton’s pro hac vice request allowing him to participate in the case in the Northern District of California, despite being a member of the Rhode Island bar.
The Zakinov case is the second of at least three investor-led class action suits against Ripple, alleging that XRP is a security after investors made a loss on selling lower than they purchased it.
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Ripple Has Won Cases Against Ripple Before Now
Recently, the lead blockchain company was able to refute the allegation brought against it by Ryan Coffey in a few months. Unfortunately, the Zakinov case has existed for over four years.
According to the report shared by Bloomberg, they were denying Ripple to throw out the entire case in 2020 and fortunately, the judge did dismiss claims by the plaintiff that Ripple had made misleading statements to investors under California law.
Per a blog post on Top Class Actions, the lead plaintiff must meet three requirements to certify a class in a class action suit.
- Prove that they have suffered harm and others have as well at the hands of the defendant
- Secondly, the plaintiff must clearly define the class to determine who can join the suit
- the lead plaintiff has to show that he fairly represents the defined class
A Twitter handler, Rispoli commented on Kilan’s statement, saying “Being familiar with class actions, the class certification battle is the most important fight in these types of cases,” he further stated; “John coming in here in this capacity is a real kick in the balls to plaintiff’s counsel. And I don’t disagree with John, but the ball kick cannot be overstated.”
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
