Many in the world of cryptocurrency and digital trading would most probably know about the lawsuit levied by the United States Securities and Exchange Commission against Ripple. The lawsuit revolved around the allegations that Ripple’s XRP tokens had security-like functions and that the tokens themselves had been unregistered. Ripple had predictably denied these allegations and had actually been fighting a battle on two fronts as not only are they mounting a defence against the SEC, but they have simultaneously filed their own lawsuit against YouTube regarding their complicity in fraudulent activities involving XRP token taking place on their social media platform.
Most recently, however, a number of XRP holders have now insisted that they should be allowed to serve as a third-party defendant on behalf of Ripple.
Deaton files a motion to intervene
John E. Deaton, the managing partner for Deaton Law Firm and XRP holder, has thus recently filed a motion calling for the intervention on behalf of Ripple in their ongoing situation with the SEC. To this end, Deaton pleaded to Judge Analisa Torres, claiming that he has a petition signed by nearly 6,000 XRP holders asking to intervene. He claims that the holders are the ones with the most to lose as a result of this ongoing legal dispute, and so they have the right to exercise their opinion, represent their interests and have their voices heard.
Also read:Regardless of what the honourable Judge Torres decides to do, one thing is for certain and that XRP and Ripple itself cannot take much more of this. They have already exhausted their funds with this legal dispute, and if it continues, then they could very well lose nearly everything. In fact, Ripple’s XRP also recently experienced a 97% crash against Bitcoin, and many XRP investors are starting to consider other cryptocurrency options.
Future remains uncertain as XRP holders hope for quick resolution
Nevertheless, only time will tell what will come out of this latest development; if Judge Torres decides to agree to the demands of the XRP holders, then they will be allowed to officially and legally act as a third-party defendant for Ripple. Hopefully, this situation is likely to be resolved sooner than later to avoid further problems down the line.
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