Ethereum Holders Join Class Suit Against Attorney General: Thousand Ethereum Holders Join Class Suit Against New York State Attorney General. CryptoLaw founder John Deaton has announced that the first thousand participants have joined a class action lawsuit by Ethereum holders against the New York State Attorney General.
Ethereum Holders Join Class Suit Against Attorney General
Ethereum Holders Join Class Suit Against Attorney General: The gathering of participants began just four days ago, on March 10, when in a lawsuit against crypto exchange Kraken, prosecutor Letitia James stated that ETH is security. The forthcoming class action has been named appropriately: “Ethereum Is Not a Security Class Action.”
While there is no direct regulatory threat to Ethereum at the moment, allegations from the officials involved in the lawsuit, if left unchecked, could create trouble in the future. In addition to ETH, the prosecutor’s statement also mentions LUNA and UST.
As of now, says Deaton, a couple of hundred claimants directly from New York are missing to give more weight to the case. There are only 57 New Yorkers out of a thousand participants at the moment, he notes.
XRP holders v. SEC
Ethereum Holders Join Class Suit Against Attorney General: The pro-crypto lawyer was previously involved in gathering participants for the SEC v. Ripple case. At the time, Deaton was able to bring together more than 75,000 XRP holders in a class action lawsuit against SEC, become their representative and push the collected information into the main case. Testimony from XRP holders about their motives for buying is now thought to play a key role in determining the cryptocurrency’s status as a security.
John E Deaton
Ethereum Holders Join Class Suit Against Attorney General: John E. Deaton. John Deaton, Managing Partner of the Deaton Law Firm, founded his law practice in 2006. Prior to establishing DLF, John worked for a national plaintiffs’ firm, specializing in asbestos litigation, product liability, toxic torts, and personal injury.
John Deaton is the founder and host of CryptoLaw which was launched in 2021 to provide digital asset holders with information, news, and analysis on key U.S. legal and regulatory developments. John is the Managing Partner of the Deaton Law Firm which he founded in 2006. He worked for a national plaintiffs’ firm, specializing in asbestos litigation, product liability, toxic torts, and personal injury before establishing DLF.
John attended law school at the New England School of Law and graduated Cum Laude in 1995. At New England School of Law, John received the American Jurisprudence Award for Clinical Evidence and was selected for the law school’s National Mock Trial Team, an honor awarded to few. John graduated Magna Cum Laude from Eastern Michigan University in 1989.