XRP Holder’s Lawyer Slams Recent Class Action Lawsuit, Unveils What to Expect
Crypto lawyer and XRP advocate John Deaton has slammed the recent Class Action lawsuit against Ripple Labs Inc by some of the blockchain payment firm’s investors.
John Deaton’s Take on the New Lawsuit
According to Deaton, the new Class Action is the least of Ripple’s worries. He said the Plaintiff’s lawyers should be full of prayers that the SEC lose the more significant case against the company. He believes that a win for the SEC may not turn out well for the claimants as it is the regulator that “would be the one to collect the money and set up a fund to pay XRP holders thus, gutting this class action.”
The crypto law expert said that should Ripple claim victory over the SEC, the Class Action may turn out simpler as “the judge is likely to follow Judge Torres’ decision.”
John Deaton remains the top voice for more than 75,000 XRP holders worldwide and he remains one good source to get clarifications from per the status of the lawsuit. When asked by a Twitter user how the Class Action will impact XRP holders in the UK, Deaton noted that the push for global relevance in the new lawsuit may not work as other countries including the UK, Japan, and Singapore amongst others do not consider XRP as a security.
In all, John Deaton believes the lawsuit should not be considered a serious one that can be classified to be relevant like that of the US SEC.
XRP Lawsuit and the Growing Tension
The wait-and-watch era in the XRP lawsuit is beginning to drive tough sentiments from members of the Ripple community. With the Summary Judgement from Judge Analisa Torres yet to be given, some community members have started calling out vocal advocates like Deaton and Ripple CEO Brad Garlinghouse who have made predictions on the probable timeline the summary judgment should be expected.
As reported earlier by Coingape, Deaton defended himself noting that his projections were just an estimate based on previous cases that had been handled by Judge Torres in the past. He noted that despite the delayed expected verdict, he remains surprised but not shocked.
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