John Deaton, crypto lawyer and legal representative of XRP holders in the lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC), has disclosed that a recent class action brought against the company would most likely be made void if the firm wins the case.
In a recent tweet, Deaton said the class action was the least of Ripple’s worries.
Ripple’s Win in SEC Case to Nullify Class Action
The class action in question was granted certification by Judge Phyllis Hamilton of the U.S. District Court for the Northern District of California on June 30. The class suit alleges that Ripple Labs, its CEO Brad Garlinghouse, and its subsidiary XRP II engaged in a scheme to raise hundreds of millions of dollars through sales of XRP to retail investors.
The plaintiffs accused the defendants of violating registration provisions of state and federal securities laws through the sale of the crypto asset, which has been tagged unregistered security.
While Garlinghouse and Ripple Labs challenged the certification, Judge Hamilton ruled that the class action met the four requirements to be certified. Ripple’s argument was based on the plaintiffs’ failure to show that they would protect the interests of the class, as several proposed members disagreed on the premise of the suit.
One such member is Bradley Sostack, who made purchases in the secondary market, making his case subject to unique defenses, according to Ripple.
In response, Hamilton disclosed that the plaintiffs had clarified that individual issues would remain secondary to common class ones, and the standard opt-out procedure would remedy any disagreements over the premise of the suit.
Nevertheless, Deaton said the plaintiffs’ attorneys should hope the SEC loses in its lawsuit against Ripple, as the agency would set up a fund to pay XRP holders if the reverse becomes the case, thereby invalidating the class action.
Class Suit Only Concerns U.S. Investors
On the other hand, if Ripple wins, Deaton believes Hamilton would follow Judge Analisa Torres’ decision on XRP not being a security. Either way, the class suit will be invalidated when the SEC-Ripple case ends.
In response to an inquiry about offshore XRP holders, the crypto lawyer noted that regulators in the U.K., Japan, Singapore, and the United Arab Emirates (UAE) do not recognize XRP as a security. Hence, the lawsuit applies only to U.S. investors.
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