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).

70,100 for now. @GaryGensler & @SECEnfDirector 70K or more #XRPHolders Diverse backgrounds from all 50 states, all US territories, and 141 countries around have united to fight Howey’s illegal expansion.

you will lose the war https://t.co/FHr5HkUxOh

John E Deaton (210k followers beware of scammers) (@JohnEDeaton1) August 8, 2022

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?

This shows the SEC’s allegations to be absurd. The only reason Robinhood won’t list her XRP is a pending case. XLM was born out of XRP. The Stellar Foundation acknowledges that it sells XLM to operate for no other purpose. Same founder. For XRP, XLM must be a security, but stated https://t.co/41lseEQ1xr

John E Deaton (210k followers beware of scammers) (@JohnEDeaton1) August 8, 2022

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.