Over 70,000 Ripple (XRP) holders have joined John Deatonâs class action lawsuit against the U.S. Securities and Exchange Commission (SEC).
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 đ have joined together to fight đ your unlawful expansion of Howey.
You will lose the war. https://t.co/FHr5HkUxOh
â John E Deaton (210K Followers Beware Imposters) (@JohnEDeaton1) August 8, 2022
According to Deaton, the SECâs decision to file a lawsuit against Ripple and its executives for violation of securities law has affected the value of XRP, thereby causing financial damage to the assetâs investors.
In his opinion, the impact of the SEC lawsuit on XRP is enough to cause action against the commission.
âIf the SEC really believes XRP is an unregistered security, why are they allowing the sale of the token during an ongoing lawsuit?â
This shows you the absurdity of the SECâs claims. The only reason Robinhood wonât list XRP is the pending case. XLM was born from XRP. The Stellar Foundation admits itâs sells XLM to operate w/no other purpose. The same founder. XLM has to be a security if XRP is, but itâs listed https://t.co/41lseEQ1xr
â John E Deaton (210K Followers Beware Imposters) (@JohnEDeaton1) August 8, 2022
Meanwhile, Deaton, in an August 8 tweet, said Stellar Lumens (XLM) should also be classified as a security according to the SECâs definition. According to him, âXLM was born from XRP,â and it has âthe same founder.â
Update on Ripple vs. SEC
Meanwhile, the case between SEC and Ripple has continued and the commission has been accused of using âdelay tactics.â
Crypto attorney James Filan accused the SEC of wasting the courtâs time after the commission submitted a one-line response to the court saying it takes no position on Rippleâs request to reopen fact discovery.
#XRPCommunity #SECGov v. #Ripple #XRP The SEC has filed a one line response to the Ripple Defendants efforts to enforce Judge Netburnâs ruling on authentication of videos of SEC officialsâ remarks. The SEC says it takes no position on Rippleâs request to reopen fact discovery. pic.twitter.com/AXU0XDYhSi
â James K. Filan đşđ¸đŽđŞ 108k (beware of imposters) (@FilanLaw) August 9, 2022
Ripple simply wants to authenticate 7 videos of SEC employees giving speeches and the SEC is messing around AGAIN with it (the SEC played games in responding originally last year).
Authentication is standard stuff in litigation and should not be this difficult. https://t.co/tUizICh18V pic.twitter.com/KSVQNLpQ82
â Jeremy Hogan (@attorneyjeremy1) August 4, 2022
The judge had earlier ordered that the commission authenticate certain videos Ripple presented containing SEC officialsâ remarks.
Ripple had requested permission to serve subpoenas to the platforms holding the videos. But the SEC misinterpreted this as a request to reopen discovery which it is not.
Filan said:
The SECâs response is simply an abuse of the judicial process and a waste of the Courtâs time, as evidenced by the fact that the SEC waited five days to file a one sentence response in which the SEC then misconstrued Rippleâs original request.â
The SECâs response is simply an abuse of the judicial process and a waste of the Courtâs time, as evidenced by the fact that the SEC waited five days to file a one sentence response in which the SEC then misconstrued Rippleâs original request. The original request is below. pic.twitter.com/xyUw93lv2Z
â James K. Filan đşđ¸đŽđŞ 108k (beware of imposters) (@FilanLaw) August 9, 2022
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