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SEC Wants Court to Revoke XRP Holders’ Amici Status

Wed, 07/20/2022 - 06:12
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Alex Dovbnya
The SEC has asked the court to bar XRP holders from participating in the case
SEC Wants Court to Revoke XRP Holders’ Amici Status
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The U.S. Securities and Exchange Commission has asked the court to revoke the amici curiae status granted to holders of the XRP cryptocurrency.  

Led by attorney John Deaton, a group of XRP holders filed a motion to intervene in the case back in March 2021. Although their attempt to insert themselves into the case was rejected by the court last October, they did manage to obtain amici status. This made it possible for XRP holders to file “friends of the court” briefs.

In May, Deaton asked the court to file an amicus brief regarding the opinions of Patrick B. Doody, the SEC’s expert.   

The SEC says that the movants’ proposed brief would simply “duplicate” the defendants’ efforts.  

In addition, the SEC has pointed to the fact that Daubert motions, a type of motion that seeks to exclude the presentation of an expert’s testimony, are not dispositive motions.      

As reported by U.Today, Ripple recently accused the agency of taking “an extreme position” on expert reports, accusing it of attempting to suppress “substantive criticism.”

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at