A class action could likely be made out against the SEC by XRP holders.
[1] The SEC failed to act in a timely manner with respect to XRP allowing XRP to continue for 5 years with no complaint.
[2] The SEC's failure has contributed to or caused losses it's action now has directly or indirectly caused.
The SEC's filings admit they knew or constructively knew in 2013~2014
Definitely, I support this argument fully because how can you keep a project running for so many years and now you suddenly wake up and call it illegal. I think SEC should take its back off from the proceedings or give some guidelines for ripple to fulfill with a fine to become compliant. The main purpose should be that the investors and holders should not be hurt.