Ripple News: Ripple Labs and XRP holders are eagerly waiting for the crucial Summary Judgment in the long running legal battle with the U.S. Securities and Exchange Commission (SEC). However, Some XRP holders that claim that XRP is a Security have been hitting the court (Zakinov v. Ripple Labs). It is expected that a verdict in the sidelined Zakinov lawsuit might affect the vital US SEC Vs Ripple Case.
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Ripple To Face Legal Threat From XRP Holders
The latest hearing in the Zakinov v. Ripple Labs reportedly took place on April 26, 2023. However, around 500 members of the public were allowed to attend the hearing online. The court hearing was for the oral arguments on the request of certifying the class of XRP holders going against Ripple.
Bradley Sostak, an XRP holder for just two weeks asked the court to let him be the lead plaintiff in the class lawsuit actions. However, he wants to act for all the XRP holders involving investors who either owned it or sold it at a loss. Read More XRP News Here…
In the latest argument, a lawyer representing Zakinov, Nick Spear stated that around 75K XRP holders are supposedly “fake” and claimed that they are irrelevant. However, the lawyer tried to explain how damage calculations can be done. Meanwhile, Phyllis J. Hamilton, District judge stated that she is skeptical of the worldwide class action lawsuit. She added that there is no precedent.
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Attorney John Deaton, Amicus Curiae in the Ripple Vs SEC case highlighted that he is not confident as the judge denying the class certification. However, he stated that this is not much to worry about if the judge allows it ahead, the case will be bumped on appeal.
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