The United States District Court for the Central District of California is set to hold a new hearing on April 26 for the class action lawsuit against Ripple Labs, known as Zakinov v. Ripple.
The case alleges that Ripple Labs conducted an unlawful securities offering of XRP cryptocurrency, resulting in financial losses for investors.
At the upcoming hearing, the main focus will be on certifying the class of XRP holders who are suing Ripple. This class certification is crucial as it determines who can participate in the lawsuit and potentially receive compensation for their losses.
In a related incident, almost 75,000 XRP holders have submitted a petition through attorney John E. Deaton, requesting permission to submit an amicus brief.
This is to ensure that the court considers their views since the outcome of the case could significantly impact their investments.
The allegations made in the class action complaint have caused Ripple Labs to take heat for selling XRP. The case raises important questions about the legality of digital currency offerings and their classification as securities.
The case’s outcome could have far-reaching consequences for the broader cryptocurrency industry.
