XRP Holders Want to Intervene in SEC vs. Ripple Case as Third-Party Defendant

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Mon, 03/15/2021 - 06:28
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Alex Dovbnya
John E. Deaton of Deaton Law Firm has filed a motion to intervene in the SEC vs. Ripple legal battle
XRP Holders Want to Intervene in SEC vs. Ripple Case as Third-Party Defendant
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XRP holder and Deaton Law Firm managing partner John E. Deaton has filed a motion to intervene in Ripple’s legal battle with the U.S. Securities and Exchange Commission.

In a letter to Judge Analisa Torres, Deaton says that he has been contacted by over 6,000 members of the community:

Although I have not been contacted by millions of XRP Holders referenced in Ripple’s Answer, I have been contacted by well over six-thousand of those XRP Holders requesting that their individual and collective voices be heard.

If the motion gets approved by the judge, the owners of the cryptocurrency affiliated with Ripple Labs will act as a third-party defendant in the case to protect their interests.

Related
SEC Strikes Back at XRP Holders by Moving to Dismiss Their Petition
XRP tanked 67 percent in days after the lawsuit was made public on Dec. 22, with multiple exchanges making trading suspension or delisting announcements.

XRP
Image by tradingview.com

In January, XRP owners also attempted to force the SEC to amend its complaint by filing a petition for a writ of mandamus, but the regulator recently responded with a motion to dismiss it.

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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 alex.dovbnya@u.today.

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