• The ongoing Ripple SEC lawsuit has been challenged by California plaintiffs who are questioning pro-Ripple lawyer John E. Deaton’s motion to allow seven non-parties to file amicus curiae in support of the defendant’s opposition to the lead plaintiff’s motion for class certification.
• The plaintiffs argue that the proposed amici, which includes Deaton’s family members and employees, have nothing unique or relevant to offer and simply rehash the defendants‘ arguments.
• Furthermore, the plaintiffs have challenged Deaton’s claim that he is a representative of a putative class of 75,890 XRP holders and contend that he is not a neutral party as he is a Ripple shareholder who purchased shares in November 2020.

Ongoing Ripple Lawsuit

The ongoing Ripple SEC lawsuit has been challenged by California plaintiffs in order to determine the future of XRP and its impact on the cryptocurrency industry as a whole.

John E. Deaton Motion

John E. Deaton filed a motion to allow seven non-parties to file amicus curiae in support of the defendant’s opposition to the lead plaintiff’s motion for class certification. The plaintiffs argued in their response that Deaton’s proposed brief was procedurally and substantively improper due to its lack of relevance and uniqueness as it simply rehashed the defendants‘ arguments.

Deaton Representation Challenged

The plaintiffs also challenged Deaton’s claim that he is a representative of a putative class of 75,890 XRP holders due his status as a self-proclaimed XRP enthusiast, who purchased shares in Ripple back in November 2020 – making him far from being seen as an impartial party.

Court Discretion Exercised

The court has been asked to reject Deaton’s proposed amicus curiae briefs and rule on whether non-parties should be allowed to file amicus briefs or not; when deciding whether or not this should occur, they have broad discretion over such matters.

Outcome & Impact On Crypto Industry

The outcome of this case could have major ramifications on both XRP itself and indeed on the entire cryptocurrency industry; thus making it an important legal battle with high stakes involved for all parties concerned.