Date for Public Hearing on XRP Lawsuit Announced

According to CryptoLaw, a popular U.S. legal and regulatory news platform founded by John E. Deaton, the public hearing on the class action XRP lawsuit filed against Ripple by Zakinov is slated for today at 4:30 pm ET.

The Zakinov v. Ripple case where the complainants claim that XRP is a security and that Ripple sold it as an unregistered will be handled at the California federal court. Per the update, the hearing is for oral arguments on the question of certifying the class of XRP holders suing Ripple and only 500 members of the public will be granted listen-only access to the hearing through a login notice. 

“The plaintiff, Bradley Sostak, who owned XRP for two weeks, is asking to be lead plaintiff in the class and is asking to represent all XRP holders who either owned it and sold it at a loss or own it today,” CryptoLaw said on Wednesday. 

James K. Filan, a pro-XRP lawyer confirmed this update in a tweet, disclosing the hearing details and citing a comment from Deaton. The CryptoLaw founder noted that he will attend the Zakinov v. Ripple case hearing via Zoom but would not participate given the longstanding rule of the Court. 

He wrote, “…unlike the LBRYcom hearing, this Judge does not allow Amicus counsel to participate at oral argument (even if the amicus brief is allowed). This is a long-standing rule of the Court so it has nothing to do with this case.”

It bears noting that Deaton has filed a motion for leave to file an amicus brief on behalf of over 75,000 XRP holders in the Zakinov case to oppose the complainants. However, his motion hasn’t been ruled on yet by the judge. In addition, Deaton beckoned on XRP holders to not interrupt the case proceedings or contact Ripple lawyers, the Plaintiff lawyers, the Court, or anyone else associated with the case.

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