This is huge news for XRP holders.
The latest reports indicate that the judge presiding over the XRP case will allow holders of the asset to file briefs in court, as any ruling against Ripple labs could spell trouble for their investments.
Proponents of the token are hopeful that this will sway the courts.
SEC officials have been making their case, but it appears to be weak, and they appear to be on the defensive here.
As a disclosure, I own some XRP as a part of my crypto portfolio.
Here are the latest developments:
BREAKING: Judge Allows XRP Holders to Assist Court in SEC vs. Ripple Case
— HeadlineHunter! 🚨 Alerts (@freehumanity911) October 4, 2021
“This is a big blow to the SEC and a huge win for the XRP community now that we finally have a seat at the table” @JohnEDeaton1 tells me in response to a SDNY judge granting him permission to intervene in the Ripple vs. SEC lawsuit on behalf of more than 23,000 #XRP investors.
— Eleanor Terrett (@EleanorTerrett) October 4, 2021
U Today provided an update:
Federal Judge Analisa Torres has denied XRP holders’ motion to intervene in the U.S. Securities and Exchange Commission’s case against blockchain company Ripple since it would “unduly delay the action.”
There is, however, a silver lining. The movants can now proceed as amici curiae (Latin: “friends of the court”), meaning that they will be able to file briefs:
30k Requests for Admissions IS an astonishing number (I serve around 25-30).
But keep in mind that it was the SEC who decided to wait 7 years before filing the lawsuit AND decided that it would argue that ALL CONTINUING sales of XRP are securities. This lawsuit covers 9 years! https://t.co/NRVQbmkWir
— Jeremy Hogan (@attorneyjeremy1) September 30, 2021
Only the second or third time Brad Garlinghouse has said this during the lawsuit. This tells you how important the @Ripple team view the decision to allow the #XRP holders amicus rights in the lawsuit. https://t.co/MGFTgMQZYq
— bill (@Belisarius2020) October 4, 2021
Finance Feeds had more details:
The Securities and Exchange Commission is seeking a protective order relieving the SEC of any obligation to respond to 29,947 requests for admission by the Defendants during the final six hours of fact discovery, on August 31.
The Plaintiff argues these requests impose an extreme, disproportionate, and unnecessary burden on the agency. The agency also reminded the Judge that Courts routinely disallow much less burdensome and excessive requests on the grounds that they are “abusive, unreasonable, and oppressive”.
The SEC also informed the Court that it spent more than 100 hours responding to 254 requests. At that rate, the Plaintiff would need over 473 days to complete the task.
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