XRP Lawsuit: SEC Is Preventing XRP Holders From Participating In Lawsuit

May 26, 2022 2:16 pm

The SEC has recently made a public statement that it intends to object to the amici request which would have allowed XRP holders to play a key role within the lawsuit.

The amici request was John Deaton’s request which asked the court for permission for the attorney to represent the 67,000 XRP holders to understand whether they thought XRP was a security when they first bought it.

This request was made in response to the SEC’s attempt to bring in an “expert” to testify what XRP holders were thinking.

Of course, Ripple would object to such an attempt given that this “expert” would most likely not represent the opinions of the majority of XRP holders accurately.

The latest update now is that SEC is now filing another extension to respond to the new amici request which once again is another extension that no one is surprised about.

zycrpto.com reports:

Now the SEC is requesting District Judge Analisa Torres for an extension of time until June 7 to file its objection to the amicus request letter in a Daubert challenge relating to the expert opinion of Doody.

The securities watchdog cites the upcoming holiday and other briefing deadlines as the reasons for asking for an extension.

Defendants and counsel for amici curiae have no objection to the extension request, which suggests that the judge will most likely grant it.

Unless you’ve been living under a rock, you have seen the SEC being accused of purposefully slow-rolling the process.

Ripple’s general counsel Stuart Alderoty earlier noted that the commission was playing a delay card, instead of moving swiftly to end the case once and for all.

Despite all the constant delay tactics that the SEC is continuing to do, the Ripple team is still working hard on trying to conclude the case as fast as possible.

Current timelines seem to indicate either sometime at the end of 2022 or in early 2023 is when the case might come to a conclusion.

The case seems to be an even bigger focus now than in the past due to recent events which has now caused government and regulatory agencies to pay more attention to the crypto industry.

It would not be an understatement to say that the result of this case would set the foundation for how all cryptos are treated in the future within the US.

Much is at stake within the US, but Ripple continues to grow outside the US on an international level.

CryptoKnowMics.com reports:

The stakes are high this year, as the cryptocurrency industry’s regulation is now a primary priority in Washington, D.C., following President Joe Biden’s signing of a crypto executive order. The future of the sector, according to the top Ripple lawyer, is on the line.

If Ripple prevails, the SEC will be forced to reconsider its anti-crypto attitude. If the agency succeeds, however, it will almost certainly lead to a slew of fresh lawsuits against other crypto-focused businesses.

Meanwhile, despite the SEC’s procedural wranglings, Ripple is going about its business as usual. The company is still the most popular blockchain-based service for interbank transactions, and its tentacles are spreading far and wide.

At the time of writing, the crypto market continues its bearish trend which has influenced overall XRP price action.

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