XRP Lawyer John Deaton Files Class Action Against Linqto Founder Over Alleged Securities Fraud
Prominent XRP attorney John Deaton has taken legal action against William Sarris, founder and former CEO of Linqto, alleging a multi-year securities fraud scheme. The lawsuit highlights unlicensed offerings and deceptive sales practices that reportedly affected thousands of retail investors. The complaint specifically accuses Sarris of orchestrating undisclosed markups as high as 60% on shares of private companies. This development underscores ongoing regulatory scrutiny in the cryptocurrency and digital asset space, with potential implications for investor confidence and market transparency.
XRP Lawyer John Deaton Sues Linqto Founder Over Alleged Securities Fraud Scheme
Prominent XRP attorney John Deaton has initiated a class action lawsuit against William Sarris, founder and former CEO of Linqto, alleging a multi-year securities fraud scheme. The complaint centers on unlicensed offerings and deceptive sales practices impacting thousands of retail investors.
The legal filing claims Sarris orchestrated undisclosed markups as high as 60% on shares of private companies like Ripple, Uphold, and Kraken through Special Purpose Vehicles. Internal memos from 2023-2024 reportedly warned these practices violated multiple federal securities laws.
Deaton's action highlights growing regulatory scrutiny in digital asset markets. The case underscores the importance of compliance as the SEC and FINRA intensify oversight of alternative investment platforms.
XRP Tests $2.46 Barrier Amid Bullish Momentum and Regulatory Optimism
XRP surged 2.6% during the July 9-10 trading session, peaking at $2.46 before profit-taking trimmed gains. The rally was fueled by a volume spike to 78.3 million tokens at 07:00 UTC on July 10, breaching key resistance at $2.43. Price action oscillated between $2.351 and $2.443, reflecting 3.85% intraday volatility.
Regulatory tailwinds emerged as Ripple CEO Brad Garlinghouse testified before the U.S. Senate Banking Committee, emphasizing XRP's compliance across 60 jurisdictions. Institutional holdings reached record levels—2,743 wallets now custody over 1 million XRP each, aggregating 47.32 billion tokens. Daily trading volume jumped 74% to $4.54 billion, signaling growing confidence in impending regulatory clarity.
XRP Price Prediction: Chart Mirrors 2017 Rally—$5 Breakout in Sight?
XRP's current price action is drawing striking parallels to its historic 2017 bull run, with technical indicators suggesting potential for a major upward move. The cryptocurrency has solidified its position above $2.40, demonstrating resilience against market fluctuations.
Trading at $2.42 with a 4.5% daily gain, XRP shows stronger momentum than both Bitcoin and ethereum in recent sessions. A newly formed bullish trendline anchors support near $2.38, while resistance at $2.45 presents the immediate challenge for bulls.
Market technicians highlight the significance of a breakout above $2.45, which could trigger moves toward $2.60 and potentially test higher psychological barriers at $2.75. The 100-hour moving average provides additional confirmation of the bullish structure.
BNY Mellon to Custody Reserves for Ripple’s RLUSD Stablecoin
Ripple has secured a pivotal partnership with BNY Mellon, the oldest U.S. bank, to custody the dollar reserves backing its RLUSD stablecoin. The move underscores institutional confidence as RLUSD circulation surpasses $500 million.
BNY Mellon, with $52 trillion in assets under custody, will ensure 1:1 backing via cash or short-term Treasuries—mirroring money-market fund standards. The bank’s digital asset division, launched in 2021, continues bridging traditional finance and blockchain.
RLUSD’s growth reflects broader momentum for regulated stablecoins, with Ripple leveraging BNY Mellon’s custodial rigor to bolster trust in its dollar-pegged token.
