‘Vast swathes’ of XRP owners in Ripple case don’t believe the tokens are securities. They’re class members anyway.

(The opinions expressed here are those of the author, a columnist for Reuters.)

In a major development in private crypto litigation, a California judge last week certified a class of U.S. purchasers of XRP digital assets in a case accusing XRP’s issuer, blockchain company Ripple Labs, of selling unregistered securities.

in Manhattan federal court against Ripple. The SEC, like the class action plaintiffs, contends the blockchain company breached federal securities laws by selling XRP as an unregistered security. Such a fundamentally conflicted class, defense lawyers argued, cannot be certified because the class representative cannot adequately represent the interests of XRP purchasers who dispute the entire premise of the case.

If XRP purchasers don’t want to be part of the class, they can simply opt out, Hamilton said, declining to speculate about any potential harm to class members if XRP is deemed a security.

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