Judge Grants XRP Holders Permission to Help Ripple in Ongoing SEC Case
In the latest development in the Ripple Vs. SEC case, a U.S. Federal Judge has denied XRP holders their request to intervene in the case against Ripple. U.S. Judge Analisa Torres disclosed that allowing XRP holders to intervene in the court case would unduly delay the action. She, however, stated that the holders can act as amici curiae, a Latin word for friends of the court. This implies that they could help Ripple by filing for briefs.
The U.S. Judge clarified that the Movants (XRP Holders) would be permitted to assist the court by presenting legal issues relevant to the case in briefs and nothing more. Holders aren’t allowed to present any witness or evidence in court to avoid prejudice.
XRP’s Motion to Intervene Was Initially Denied in April
XRP had initially filed a Motion to Intervene in April, citing that the SEC didn’t fully represent their interests. Attorney John Deaton filed the motion on behalf of the Ripple community, explaining that neither the regulatory agency nor the company affiliated with XRP held the interests of the investors. The SEC attempted to block the request, but the resilient defendants insisted that many businesses have been affected due to the allegations pointed by the regulatory commission that XRP is a contract investment, therefore security.
In the memo addressed to the court, XRP holders were ready to prove that XRP wasn’t a security. The SEC debated that the XRP community was forcing the agency to take legal action against them by emphasizing the same points of Ripple’s defense. According to SEC, granting the holders amici curiae is biased and inappropriate to the course of the case.
It’s been reported that the distributed ledger company has no plans to settle with the SEC after previously attempting to reach some form of an agreement with the regulator. CEO Brad Garlinghouse has frequently shaded SEC Chair Gary Gensler on social media for his pursuit and aggressive methods towards regulating the crypto industry. Ripple had hoped that Gensler would be more reasonable than the immediate past boss Jay Clayton, whom the company accused of being a political tool during his tenure. Ripple is confident of emerging victorious at the end of the case.
XRP’s case with the SEC sums up the latter’s plan to go hard on crypto platforms. Apart from Ripple, the SEC also has a case against Coinbase for its proposed launch of Lend product. According to the regulator, Lend is security, and would be treated as such, to the disgust of Coinbase.
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