XRP Lawsuit: SEC Fails To Stop XRP Holders From Helping Ripple

July 27, 2022 2:22 pm Comments

In the Ripple vs SEC lawsuit, it was just revealed that Judge Analisa Torres has just denied the SEC’s motion which aimed to revoke the amici status of XRP holders.

The amici status allows XRP holders and John Deaton to be active participants in the legal court and provide input that could be essential to the court’s final decision.

As a result of this, it looks like the SEC’s plan to get rid of opposing views in this lawsuit has failed which once again strengthens Ripple’s defense.

Now that it is clear that the amici status will be preserved, there is still the question on whether or not the expert that were picked by the SEC should still be participating and providing input in the case.

The expert was chosen to represent the opinions and views of XRP holders which was obviously rejected by Ripple and XRP holders which have stated that the SEC’s “expert” does not accurately reflect their opinion.

U.today reports:

John E. Deaton and other movants were permitted to act as friends of the court back in October, but their attempt to insert themselves into the case third-party defendants was rejected.

As reported by U.Today, the SEC asked the court to revoke XRP holders’ amici status last week after Deaton filed an amicus brief to take aim at Patrick B. Doody, the SEC’s expert whose report detailed what information the holders of the controversial cryptocurrency relied on before purchasing the token.

Prior to that, the plaintiff was accused of taking “an extreme position” on expert reports by the defendants.

Earlier this month, the defendants slammed the SEC for its attempts to shield the names of its expert witnesses. The agency, however, claimed that it wanted to protect its them from “threats and harassemnt.”

So far, the legal battle between Ripple and the SEC is close to approaching the two year mark which has caused a lot of scrutiny from many different parties including members of Congress.

Speculators believe that the judge will push for the case to be resolved at around the two year mark which would mean the end of 2022 or early 2023.

The delay tactics of the SEC have been the primary reasons for why the case has been delayed for so long but this seems to be the final hard deadline which will eventually let everyone know what the fate of crypto will be from a regulatory standpoint.

After all, the case not only affects XRP, but will also define the standard of how all digital assets will be treated as in the future which is whether or not they are considered a security or not.

U.today concludes:

Magistrate Judge Sarah Netburn has rejected the SEC’s attempt to bar XRP holders from participating in the case

Ripple and the SEC have been engaged in a tough legal battle over the past two years.

The much-anticipated resolution of the case is expected to come next year. It is expected to have significant legal ramifications for the entire industry.

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