Over 70k XRP holders join class action lawsuit against SEC

Over 70,000 Ripple (XRP) holders have joined John Deaton’s class action lawsuit against the US Securities and Exchange Commission (SEC).

According to Deaton, the SEC’s decision to sue Ripple and its executives for securities law violations is affecting the value of XRP, thereby causing financial harm to investors in the asset.

in his opinion the impact of the SEC lawsuit on XRP is enough to file a lawsuit against the Commission.

“If the SEC really believes XRP is an unregistered security, why are they allowing the token sale during the ongoing litigation?”

Meanwhile, Deaton said in a tweet on August 8 that Stellar Lumens (XLM) should also be classified as a security under the SEC’s definition. According to him, “XLM was born out of XRP” and has “the same founder.”

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