Federal Judge Analisa Torres dismissed requests by XRP holders to intervene in the U.S. Securities and Exchange Commission’s lawsuit against blockchain company Ripple as it would “unnecessarily delay action.” However, there is a fine detail in the decision. Defendants can now continue as “amici curiae” (Latin: “friends of the court”), meaning they will be able to present briefings.
Federal Judge denies Ripple holders involvement in lawsuit and XRP plummets
According to the Federal Judge’s decision, Defendants will be allowed to act as “amici curiae” in this case within the scope of their individual abilities. Therefore, Defendants will be allowed to assist the Court by briefing them on legal matters pertaining to the case as pre-approved by the Court. On the other hand, it is worth noting that XRP holders will not be allowed to present evidence or present witnesses. Their participation will be limited to legal matters only to avoid bias. cryptocoin.com As I reported, the motion was initially rejected without bias in mid-March due to a technical setback.
Meanwhile, attorney John Deaton of Deaton Law Firm, who spearheaded efforts to engage the XRP community in Ripple’s legal battle with the SEC, claimed that individuals and businesses were harmed by the lawsuit. The SEC, on the other hand, argued that the XRP holders forced the agency to take legal action against them by reconsidering the talking points of Ripple’s defense. The regulator claimed that granting traders “amici curiae” status would be “inappropriate” due to bias. After the decision, XRP lost 3.5% daily at the time of writing and regressed to $1,0455.
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