A total of a thousand Ethereum holders have joined a class action lawsuit against the New York Attorney General to avoid having their cryptocurrency labelled as a security. Ripple's lawyer, John Deaton, takes up the case.
John Deaton, founder of CryptoLaw, which specialises in legal protection for crypto start-ups, is leading a campaign called "Ethereum (ETH) is not a security".
A meeting of the participants began on March 10. This was due to the fact that Leticia James, the prosecutor in the lawsuit against the Kraken exchange, stated that ETH is a security. She also pointed to LUNA and UST tokens in her statement. Although Ethereum currently faces no legal repercussions, such statements may become a problem in the future.
John Deaton, a lawyer involved in the lawsuit against Ripple, has made the case that Ethereum needs more votes in New York, as only 57 of the 1,000 signatories are New York residents. He argues that a few hundred more people from New York would give the lawsuit more credibility.
In the past, John Deaton has been involved in the SEC's lawsuit against Ripple. He gathered 75,000 XRP owners to join the lawsuit against the SEC, directed them and supplemented it with fresh evidence. He received details from a large number of XRP owners on why they purchased them. This will be useful in protecting XRP from being recognised as a security.