SNEAK PEEK
- The looming Zakinov case hearing could impact XRP investors.
- Bradley Sostak seeks to represent XRP holders in the lawsuit.
- The judge has ruled against amicus counsel speaking in the hearing.
According to James K. Filan, a defense lawyer in the XRP vs. SEC probe, the XRP community is eagerly anticipating the outcome of the Zakinov case class certification hearing, which is set to take place in California on April 26. With so much at stake, all eyes are on the courtroom as the XRP community braces for what could be a pivotal moment in the ongoing legal battle.
#XRPCommunity #XRP In the Zakinov case in California, there is a hearing on class certification tomorrow. See below announcement and explanation from @CryptoLawUS and @JohnEDeaton1 ?? https://t.co/fF65ZbstBi
— James K. Filan ???? (@FilanLaw) April 26, 2023
The case allegedly centers around a lawsuit brought by Bradley Sostak, who owned XRP for only two weeks and seeks to represent all XRP holders who have sold the cryptocurrency at a loss or still hold it. Sostak argues that XRP is a security, a claim that Ripple and its supporters have long disputed.
However, the hearing comes with a twist. Unlike in the recent LBRY hearing, where amicus counsel was allowed to participate, the judge in the Zakinov case has a long-standing rule against allowing amicus counsel to speak during oral arguments. This means that John E Deaton, who filed a motion for leave to file an amicus brief on behalf of over 75,000 XRP holders, may be unable to hear their voices before the court.
Despite this, there is much anticipation surrounding the potential outcome of the hearing. XRP investors are hopeful that class certification will be granted, which could pave the way for a larger and more impactful legal battle against Ripple. The case could also have wider implications for the cryptocurrency industry as a whole, particularly as regulators continue to grapple with the question of how to classify cryptocurrencies like XRP.
As the hearing approaches, XRP holders and enthusiasts keep a close eye on the proceedings, eager for any insights into the future of their investments.
