The Kraken exchange refused to comply with the court decision on the disclosure of data of XRP holders
Exchanges must, according to the American court, disclose the identities of all clients who traded the coin. Kraken fears that disclosing this information will worsen the exchange's relationships with clients and undermine user trust.
Several years ago, investor Vladi Zakinov filed a class action lawsuit against Ripple, accusing CEO Brad Garlinghouse of offering XRP as an unregistered security. Ripple has denied the allegations, saying XRP is similar to Bitcoin and Ethereum, which are not recognized as securities.
Lawyer John Deaton, speaking on the side of XRP owners, said that this class action is the least of Ripple's worries, since the company is fighting with the US Securities and Exchange Commission (SEC). This summer, Judge Analisa Torres ruled that XRP does not qualify as a security when sold on the secondary market. It is unknown whether Judge Phyllis Hamilton, who is considering the proceedings initiated by Zakinov, will adhere to this logic.
