John Deaton To File A Motion For Amicus In Ripple vs Zakinov Case

The post John Deaton To File A Motion For Amicus In Ripple vs Zakinov Case appeared first on Coinpedia Fintech News

The Ripple vs SEC is not the only case that the payment company is fighting against. The lead complainant in Zakinov vs Ripple Labs lawsuit filed a class action lawsuit in the early days of February. Vladi Zakinov, the lead plaintiff in the case has demanded to release the documents that consist of communication details between Ripple and SEC from January 2015. These documents consist of all the previous settlement details in the form of texts, email, Slack or other instant messages. Vladi also claims that Ripple has sold XRP as an unregistered security.

However, Ripple has opposed the lawsuit, refusing to release the documents. Further claims that the complainant has also demanded redaction of preliminary and other unsuccessful settlement discussion with SEC.

John Deaton Stands Against Allegations In Ripple vs Zakinov Case

Now, John Deaton, who is an attorney and Amicus in the Ripple vs SEC case, is trying to push back the allegations made in the Zakinov vs Ripple case. Deaton has come up with a motion to file an amicus brief in Zakinov vs Ripple 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 includes all the XRP holders along with XRP sales consisting of secondary and international sales in the countries where XRP is referred as unregistered security.

As per Deaton arguments, the court should not validate all XRP holders as only a few of them believe that XRP is an unregistered security, but most of them still believe that XRP should be regulated. Hence, Deaton states that a small number of complainants cannot decide XRP as an unregistered security. The same is the stance by Ripple investor, Jeffrey Miller.

Sorry, Zakinov doesn’t speak for me. When I first bought XRP, I was looking at what FinCen called it which they said it was a virtual currency. Thank you @JohnEDeaton1 for stepping in.

— Jeffrey Miller (@JeffreyBMiller4) February 7, 2023

However, the final statement on whether XRP is a security or not will be decided once the court passes its final judgment.