Why XRP Holders Could Be Key In Lawsuit Against Ripple Labs

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.

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…

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