The payment company Ripple is facing another legal challenge in addition to its ongoing lawsuit against the SEC.
Zakinov vs. Ripple
A lead complainant in the Zakinov vs. Ripple Labs lawsuit has filed a class action lawsuit and is demanding the release of communication details between Ripple and the SEC from January 2015. This includes any previous settlement details that may have been discussed between the two parties, such as texts, emails, Slack messages, or other instant messages. The lead plaintiff, Vladi Zakinov, claims that Ripple sold XRP as an unregistered security.
Vladi has also requested that preliminary and other unsuccessful settlement discussions with the SEC be redacted from the documents he is seeking. However, Ripple has opposed the lawsuit and is refusing to release the requested documents. However, Ripple has rejected the lawsuit and declined to furnish the requested papers.
John E. Deaton Files an Amicus Brief
John E. Deaton, an attorney acting as an Amicus in the Ripple vs. SEC lawsuit, is striving to challenge the claims made in the Zakinov vs. Ripple lawsuit. He has presented a request to submit an amicus brief in the case.
#XRPCommunity #XRP @JohnEDeaton1 will be filing a Motion to File an Amicus Brief in Zakinov v. Ripple in California. There, the plaintiffs claim that Ripple sold XRP as an unregistered security. They are asking the court to certify a class of ALL XRP Holders who purchased 1/5
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) February 6, 2023
The class in the Zakinov vs. Ripple case includes all XRP holders, including those who have participated in secondary and international sales of XRP in countries where it is considered an unregistered security.
Deaton argues that the court should not validate XRP as an unregistered security just because a small number of complainants believe it to be so. He states that the majority of XRP holders still believe it should be regulated. This stance is also supported by Ripple investor, Jeffrey Miller. The final decision on whether XRP is a security or not will be made by the court once a final judgement has been passed.
On the other hand, the SEC-Ripple lawsuit is also nearing a close. It is rather apparent that the conclusion of SEC lawsuit would significantly affect all the other Ripple litigations.