It has been announced by Defense attorney James K. Filan that famous crypto attorney and XRP advocate, John E. Deaton, will be filing a Motion to File an Amicus Brief in the highly anticipated Zakinov v. Ripple case, set to take place in California.
The plaintiffs in the case claim that Ripple sold XRP as an unregistered security and seek to certify a class of all XRP holders who purchased or sold the digital asset at a loss.
However, Deaton argues that the proposed class of XRP holders is not suitable for certification due to the conflicting opinions among XRP holders. While only a small portion of XRP holders claim that the digital asset is an unregistered security, the vast majority believe otherwise.
The crypto enthusiast argues that the small number of plaintiffs in the case cannot fairly represent the opinions of so many XRP holders, including those in countries where XRP is not even considered a security.
The crypto attorney will be taking a stand against the argument that secondary market transactions of a token are securities simply because they may have been previously offered or sold in a way that violated the Securities Act. Deaton stated, “Whether it’s the SEC or a Plaintiff’s Attorney making the absurd argument, I’ll see you in court.”
The outcome of the Zakinov v. Ripple case has far-reaching implications for the classification of digital assets and their regulation in the future. The case draws significant attention from the crypto community, and Deaton’s Motion to File an Amicus Brief adds to the growing arguments. With Deaton’s extensive experience and expertise in the crypto industry, the crypto community will eagerly await his arguments in court.
