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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Jul 25, 2023 12:53 UTC
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Ripple vs SEC Isn’t Over Yet: Here’s What the Zakinov Case Means for XRP Users
Ripple stays silent on Zakinov case after favorable XRP ruling.
75,890 XRP holders sue Ripple for breaching securities laws.
Legal battle continues, outcome crucial for the crypto world.
In the world of cryptocurrency, silence can sometimes speak louder than words. As Mr. Huber, a crypto KOL observes, Ripple – the behemoth behind XRP – has been suspiciously silent about the Zakinov case, following a favourable XRP ruling.
This case involves alleged retail investors who bought and sold XRP through an exchange within days, alleging an investment in Ripple.
“The question is, is Ripple waiting for something or are they unable to invoke the ruling at this stage of discovery?” Huber queried in his recent tweet.
The Zakinov vs. Ripple Case
The case, better known as Zakinov v. Ripple, is a congregation of XRP holders alleging that Ripple has breached securities laws.
Among the plaintiffs, Bradley Sostak is contending for the lead position, encouraging the court to constitute a class of XRP holders who’ve bought, held, or sold the tokens at a loss. Notably, the plaintiff pool includes 75,890 participants aligning with Ripple’s counterargument against the U.S. SEC.
An Unfinished Legal Symphony
As Mr Huber indicates, the Ripple vs Zakinov lawsuit is likely to continue for weeks, even months before it reaches a resolution. Even though Ripple got a favourable ruling from Judge Torres, the SEC will appeal.
Read More: Ripple’s $750 Million Fine Could Be Wiped Out If XRP Hits $35, Says Attorney John Deaton
The outcome of Ripple’s legal journey is crucial, not just for XRP holders, but the entire crypto world. As we wait for the final decision, remember this: the result will significantly shape the future of digital currencies. The end of this legal drama could change the rules of the game for everyone involved in cryptocurrency.
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