The post Ripple Vs SEC News: Live Updates on XRP’s Fate in Epic April 26th Hearing appeared first on Coinpedia Fintech News
The lawsuit involving Ripple Labs and The Securities And Exchange Commission (SEC) is one of those legal cases that can have ongoing developments and outcomes can change over time. In the latest development, John Deaton had an important update for the XRP holders.
Taking to his Twitter handle, he updated that there will be a hearing related to a class action case filed against Ripple Labs/Zakinov in 2020. The hearing will take place on Wednesday, April 26, 2023, at 1:30 pm PT (4:30 pm ET) in federal court in California. The judge has opened online access to 500 members of the public through a login notice.
The hearing is to hear oral arguments on the question of certifying the class of XRP holders suing Ripple, and the plaintiff Bradley Sostak is asking to be lead plaintiff in the class and to represent all XRP holders who either owned it and sold it at a loss or own it today.
He wrote, “@JohnEDeaton1 filed a motion for leave to file an amicus brief on behalf of 75K+ XRP holders in the case to have their voices heard before the court. His motion hasn’t been ruled on yet.
The argument being made in the lawsuit is that XRP is a security. Whether XRP is considered a security or not could have significant implications for Ripple and for XRP holders.
The outcome of the lawsuit could have significant implications for the cryptocurrency industry as a whole, as it could provide clarity on how cryptocurrencies should be regulated and classified by the SEC. The industry is closely watching this case, and the final decision could have far-reaching effects on the future of cryptocurrencies and blockchain technology.
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