(CryptoLaw) CryptoLaw founder John E. Deaton and “Legal Briefs” host Jeremy Hogan appeared for the first time together on YouTuber crypto Eri’s channel over the weekend, and discussed the rising challenges faced by the Securities and Exchange Commission following its December lawsuit against the tech company Ripple.
Deaton is the petitioner in a Writ of Mandamus filed on January 1, 2021, before the U.S. District Court in Rhode Island on behalf of holders of the cryptocurrency XRP. On the show, Deaton explained the reasoning behind his legal action, provoked by the allegation by the SEC against Ripple that all XRP tokens “are illegal securities” including those held by him and others who did not purchase the cryptocurrency believing it was a security. Deaton stressed that his legal action seeks to force the SEC to exclude all XRP held in the digital wallets of retail investors from its lawsuit against Ripple.
Deaton explained that in order to file a class action lawsuit against the SEC on behalf of XRP holders, he’d be required to provide notice of six months to the agency ahead of such an action. However, since exchanges began to de-list XRP immediately after the SEC filed its lawsuit in December, Deaton sought to act more quickly with a Writ of Mandamus.
Deaton also emphasized that his law firm has launched an online form for any interested XRP holders to fill out and submit to his staff in order to stay informed on any future steps he will take on a class action lawsuit.