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- Ripple vs SEC lawsuit Attains motion after joining of approximately 70k XRP users.
As per the official Twitter of John Deaton, founder of law firm CryptoLaw and XRP holders representative in the court, Over 70k XRP users have joined a class action lawsuit against the US Securities and Exchange commission.
Deaton Appreciated the moment that started after the joining of 70K XRP users and stated an example of the same that in January 2021, only seven holders joined, and slowly the number turned to 70k.
Deaton believed that the decision might favour the XRP firm because the lawsuit gained a motion after joining 70k new users. While talking, Gary Gensler mentioned that the US and 141 other countries worldwide have joined the case against SEC and termed this case war.
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The other event in the ongoing lawsuit began with the Security and Exchange Commission on Ripple and its token XRP, which the commission considers security. And the lawsuit is driven into the “dirty” stage with parties trying to pressure their opponents and acting insidiously.
Solicitors of Ripple group recently filed a plea charging The Security and Exchange Commission with quelling and forcing the company. Jeremy Hogan, a Pro-XRP attorney, also blamed the regulators for obstructing the process when they refused to identify their employees’ speeches, including recordings of Richard Jackson, the retired head of the Security and Exchange Commission.
According to reports by The Coin Republic, XRP cannot follow the growth path of progress because users and investors are still waiting for the lawsuit of Ripple vs SEC.
The SEC started their legal process against XRP on December 22, 2020, alleging that the Ripple platform has raised $1.3 billion from illegal means and has also alleged co-founder Christian Larsen and current Ripple CEO Brad Garlinghouse of gaining profit from the whole procedure.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
