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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Why XRP Holders Could Be Key In Lawsuit Against Ripple Labs

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
Ripple XRP XRPUSDT

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Created by industry experts and meticulously reviewed
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Former federal prosecutor James K. Filan has been involved with the lawsuit filed by the Securities and Exchanges Commission (SEC) versus Ripple Labs and two of its executives. Accused of the alleged illegal sale of an unregistered security, the token XRP, Filan has shared his opinion on the case, presented crucial documents, and discussing with the community an important subject.

According to Filan, the XRP community, with their active role and participation, is making “a huge impact” on the case. As evidence, the lawyer said the court from the Southern District of New York handling the case has increase accommodation for the public from 500 to 4,000 people.

The court has also opened an international call-in number for any person interested in listening to the discovery conference. This session will take place on April 30th and will regard the SEC contacting foreign regulatory entities to build its case against Ripple Labs. The defendants consider this to be a violation of Federal Procedure and the Hague Convention.

#XRPCommunity You are making a huge impact on the #SEC_News v. #Ripple case. You are being heard. The Court increased public accommodation from 500 to 4,000 people and provided an international call-in number. But please follow the Court's rules – don't be like the @SEC_News)!

— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) April 21, 2021

A petition To “End The War” On XRP

Another community effort has been led by lawyer John E. Deaton. In March, Deaton introduced a formal pre-filing pleading. Later, judge Analisa Torres granted him permission to represent over 10,000 XRP investors.

In addition, Deaton recently asked the community to sign a petition to ask SEC Chairman Gary Gensler to “End the War on XRP”. The regulator filed this lawsuit under Jay Clayton’s administration at the SEC, Gensler is believed to have a more pro-crypto approach. Deaton said the petition will serve as a way to “apply pressure from every possible angle”.

The lawyer is also trying to create a “searchable list” for all XRP holders that have signed his previously introduced petition for a Class Action Lawsuit. Deaton stated the following:

I hope to produce a searchable list of everyone who has signed up  – all 12,700 plus. That way you can see your name and know you have been included. If you’re name is not on the list for some reason then we will make sure it gets included. Thanks.

Deaton has highlighted the importance the case SEC versus Ripple Labs could have for the entire crypto industry. If victorious, some experts have claimed the regulator could try to pursue similar action against other crypto projects.

In that sense, Commodities and Futures Trading Commission (CFTC) Dawn Stump said to be “watching the outcome of this lawsuit”. Regarding it as a key point for other entities within the U.S. to obtain regulatory clarity, Commissioner Stump said:

The question of whether XRP is a security will be crucial. XRP is similar to bitcoin and other digital assets but also different in key respects, which prompted the SEC’s investigation (…). I am watching the outcome of this case closely because it will help to establish the scope of the SEC’s authority in the digital assets space.

XRP is trading at $1,34 with 3.9% losses in the daily chart and 24.8% in the weekly chart. Over the past 30 days, XRP has seen a 159% rally.

Ripple XRP XRPUSDT
XRP with small losses in the daily chart. Sources: XRPUSDT Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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