Over 75,000 XRP Holders Join Attorney Deaton’s Class Action Against The SEC

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Ripple Expands Into France And Sweden With Its ODL Division
Ripple Expands Into France And Sweden With Its ODL Division

The number of Ripple (XRP) holders represented in a class action against the Securities and Exchange Commission by attorney John Deaton has grown exponentially.

More than 75,000 XRP holders have joined Deaton’s SEC class action. According to attorney Deaton, 71,000 XRP holders were named in the lawsuit after a few weeks.

More XRP holders are joining Deaton’s class action lawsuit as the SEC-Ripple lawsuit moves to the summary judgment stage. 

The class action stems from the massive losses suffered by XRP investors as a result of the SEC’s lawsuit against Ripple. According to the Securities and Exchange Commission, XRP is a security, and Ripple violated US securities laws by conducting an unregistered cryptocurrency offering in 2013.

Coinbase, one of the popular cryptocurrency exchanges, was forced to discontinue support for XRP after the SEC filed its lawsuit. It is feared that the SEC will investigate cryptocurrency exchanges for facilitating trading in XRP, which it claims is security.

XRP’s value plunged precipitously after it was delisted from a variety of US-based exchanges, resulting in massive losses for many investors. In the opinion of Ripple General Counsel Stuart Alderoty, the SEC lawsuit against the SEC is a rug pull on XRP investors.

Read also: Analysts Predict a Significant Drop for Ripple (XRP)

Defending Justice With Attorney Deaton

Meanwhile, attorney Deaton remains committed to obtaining justice for XRP victims of the SEC lawsuit, and the process has gained traction.

In a Twitter post, the Crypto Law founder asked the XRP community to provide data on the market capitalizations of Ripple, Bitcoin, and Ethereum as of January 3, 2018.

“I need help with something. How can I determine how much of the total market cap Bitcoin, ETH, and XRP made up in January 2018?…” Deaton requested.

In a tweet, the official Crypto Law Twitter account echoed Attorney Deaton’s request, urging community members to contact Deaton to obtain the necessary information as he continues to work on behalf of the 75k XRP holder.

Read article: XRP Criticism Debunked By John Deaton: “Somebody Has XRP On His Mind 24×7”