ripple vs sec

Two Weeks of XRP Ownership: The Basis of a Class-Action Lawsuit Against Ripple?

CryptocurrencyNews
··1 min read

A hearing is set to take place tomorrow in a federal court in California on the class action case filed against Ripple in 2020. The case (Re Ripple Labs/Zakinov v. Ripple) is centered around the question of whether or not XRP is a security.

According to a tweet by John Deaton from CryptoLaw.US, the judge has opened online access to 500 members of the public through a login notice, which means that the public can attend the hearing virtually.

The hearing is for oral arguments on the question of certifying the class of XRP holders suing Ripple. The plaintiff, Bradley Sostak, owned XRP for just two weeks. He is also asking to be the lead plaintiff in the class action, seeking to represent all XRP holders who either owned it and sold it at a loss or own it today.

The lawsuit argues that XRP is a security.

Deaton also noted that his motion for leave to file an amicus brief (on behalf of 75K+ XRP holders in the case to have their voices heard before the court) hasn’t been ruled on yet.

Read more: From SEC Lawsuit to Impressive Growth: How Ripple is Paving the Way for Cryptocurrency Payments

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