In the world of cryptocurrency, silence can sometimes speak louder than words. As Mr. Huber, a crypto KOL, observes, Ripple, the giant behind XRP, has been suspiciously silent on the Zakinov case, following a favorable ruling by XRP.
This case involves alleged retail investors who bought and sold XRP via an exchange in a matter of days, claiming an investment in Ripple.
I find it interesting that Ripple has not filed anything in the Zakinov case since the positive ruling. After all, this class action lawsuit is about alleged retail investors who bought on an exchange and sold a few days later, claiming they had invested in Ripple. @juandeeaton1 Is… pic.twitter.com/AfU8CfnjNV
— Mr. Huber 🔥🦅🔥 (@Leerzeit) July 25, 2023
“The question is, is Ripple waiting for something or can they not invoke the ruling at this discovery stage?” Huber asked in his recent tweet.
The Zakinov vs. Ripple: Spotlight on 75,890 XRP Holders
The case, better known as Zakinov v. Ripple, is a congregation of XRP holders alleging that Ripple has violated securities laws.
Among the plaintiffs, Bradley Sostak is vying for the top position, encouraging the court to constitute a class of XRP holders who bought, held, or sold the tokens at a loss. Notably, the plaintiff class includes 75,890 participants who align with Ripple’s counter-argument against the US SEC.
The SEC vs. Ripple: Ripple wins
Judge Analisa Torres issued a favorable ruling that resolved the issue of XRP’s classification, declaring that it is not a security, a big win for Ripple. However, the implications of secondary market transactions involving XRP remain unclear. Attorneys Jason Gottlieb and John Deaton shared their thoughts, noting that while the court avoided directly addressing the issue, it may still have relevance.
An unfinished legal symphony
As Mr. Huber indicates, the Ripple vs Zakinov lawsuit is likely to continue for weeks, even months before reaching a resolution. Although Ripple obtained a favorable ruling from Judge Torres, the SEC will appeal.
In the case Zakinov v. Ripple, the judge agreed to extend the trial by approximately one month and the trial began on April 15, 2024. The original lawsuit was filed in May 2018. That would be 6 years until the trial began. But the laws and rules are clear since 1933! Going to… pic.twitter.com/7ud7VwMIEx
— Mr. Huber 🔥🦅🔥 (@Leerzeit) March 24, 2023
The outcome of Ripple’s legal journey is crucial, not just for XRP holders, but for the entire cryptocurrency world. As we await the final decision, keep this in mind: the outcome will significantly shape the future of digital currencies. The end of this legal drama could be a game changer for everyone involved in cryptocurrency.
This post Ripple’s legal duel: the Zakinov case and its impact on XRP users
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