Lead Plaintiff in Zakinov-Ripple Case was a Day Trader; Says Deaton

  • He told that the Lead Plaintiff is only a day trader who bought, owned, and sold XRP in two weeks.
  • He added that Plaintiff hasn’t depended on XRP which is evident from the sale of the XRP within two weeks.

John E Deaton, the XRP lawyer and founder of Crypto-Law, provided explanations for his recent proposal to file the Amicus Brief in the lawsuit against the crypto exchange Ripple Labs, commenting that Vlad Zakinov, the Lead Plaintiff in the class action case is “a day trader who bought, owned and sold XRP” in just two weeks.

Deaton tweeted that Zakinov commented when he “bought XRP he was relying on the efforts of Ripple because they promised to get financial institutions to use XRP”:

On February 9, Deaton along with five other XRP holders and the crypto company SpendtheBits Inc filed a Motion to file an Amicus Brief in the Zakinov v/s Ripple case, on behalf of 75,890 XRP holders from different countries.

Following the proposal, Deaton updated his Twitter on February 12, with a series of tweets, enlisting the reasons for filing the Amicus Brief, with the inscription “the secondary market must be protected”:

Notably, he corroborated his points by referring to the previous motion that he has filed for the LBRY case, and his persistence in becoming the Ripple case attorney, claiming that the reason for both is the same as that of the recent motion.

Additionally, he opposed the picturization of “software code” as a “security”, by illustrating with the example of BTC, ETH, and XRP:

Bitcoin, ETH and XRP, etc., standing alone, are nothing more than alphanumeric sequences – math – digital code – software. The TOKEN itself is NOT security. A token, like ANY OTHER ASSET or commodity, can be packaged, marketed, offered, and sold as an investment contract.

Further, he narrated the hypothetical situation, claiming that the Lead Plaintiff has never relied on Ripple’s efforts; or else, “he wouldn’t have sold it within 2 weeks”.

In addition, Deaton said that the case should be limited to sales offered directly by Ripple, by which he meant that it should exclude the “secondary sales around the world”.

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