Judge Analisa Torres dismissed the move by XRP holders to interfere with the U.S. Securities and Exchange Commission’s lawsuit against Ripple, as it would “unnecessarily delay litigation.”
However, there is a glimmer of hope for XRP holders. Accordingly, XRP investors will now be able to participate in the case as amici curiae, that is, they will be able to present a briefing. Amici curiae is a Latin term meaning a person who assists the court but is not a party to the case by offering information, expertise or insight on matters in the case. The decision to consider an amicus briefing is at the discretion of the court. Here is the situation in the XRP case:
“Accordingly, Movants (the person who applies or petitions the court or judge to decide in their favour) will be allowed to act as amici curiae in this case in their individual capacity. Therefore, Movants will be permitted to assist the Court by briefing on legal matters pertaining to the case as pre-approved by the Court.”
It is worth noting that XRP holders are not allowed to present evidence or present witnesses. Their participation is limited to legal matters to avoid bias.
As we previously reported, the motion was initially rejected in mid-March due to a technical issue. XRP investors struggled to get involved in the lawsuit.
Attorney John Deaton of Deaton Law Firm, who spearheaded efforts to engage XRP investors in Ripple’s legal battle with the SEC, claimed that individuals and businesses were harmed by the lawsuit.
Even though the XRP community hasn’t gotten exactly what it wanted, we can say that it has an opportunity.