Ripple’s Lawsuit With Zakinov Will Be Officially Held In California On April 26

Key Points:

  • The legal battle Zakinov vs. Ripple is about to begin, with investors claiming that XRP is a security.
  • Holders of XRP are being claimed as security, and Ripple lawyers are preparing for a crucial court hearing on April 26, 2023.
  • Unlike the LBRY vs. SEC hearing, the hearing will be held online because the judge does not allow Amicus counsel to participate in oral argument.
Today, the class action lawsuit against Ripple Labs for selling XRP as unregistered security has gained traction. A class certification hearing will be held today at 4:30 p.m. ET in the case, which is being litigated in the state of California.
Ripple's Lawsuit With Zakinov Will Be Officially Held In California On April 26

In 2020, the California Federal Court will hold a hearing on Zakinov’s class action lawsuit against Ripple. The judges will grant 500 members of the public online access via Zoom. The hearing consisted of an oral argument about proving that XRP holders are suing Ripple.

Plaintiff Bradley Sostak has asked to be the case’s lead plaintiff and to represent all XRP holders, claiming that XRP is a security.

The judge did not allow friend-of-the-court attorneys to participate in oral argument, according to CryptoLaw founder John E Deaton, even though friend-of-the-court statements were permitted. This is a long-standing court rule that is, therefore, irrelevant to this case.

Unlike in the case of LBRY vs. the US Securities and Exchange Commission (SEC), the judge will not allow amicus attorneys to attend the oral hearing.

In February, the founder of Crypto Law and an attorney for XRP holders filed an amicus brief in the case. However, the hearing is, in theory, open to the public.

“I anticipate that the public will be present as audience members only, but as I said at the hearings in New York, PLEASE do not interrupt the proceedings and DO NOT contact Ripple’s lawyers, the plaintiffs’ lawyers, the court, or anyone else associated with the case,” Deaton said.

The proposed class action would include XRP holders all over the world, including the 75,890 XRP holders who disagree with the plaintiffs in Zakinov and support Ripple in the SEC case.

In a related development, attorney Deaton has requested permission to file an amicus brief on behalf of over 75,000 XRP holders. The goal is to ensure that their voices are heard in court because they believe the outcome of the case will have a significant impact on their holdings.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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