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:
Accordingly, Movants, in their individual capacities, shall be permitted to act as amici curiae in this action. As such, Movants shall be allowed to assist the Court by briefing legal issues relevant to the case as approved in advance by the Court.
It should be noted that XRP holders are not allowed to offer evidence or present witnesses. Their participation is limited to legal issues to prevent prejudice.
As reported by U.Today, the motion was initially denied without prejudice in mid-March due to a technical mishap.
Attorney John Deaton of Deaton Law Firm, who spearheaded the effort to insert the XRP community into Ripple’s legal battle with the SEC, claimed that individuals, as well as businesses, got hurt by the lawsuit.
The SEC argued that XRP holders were compelling the agency to bring legal action against them by rehashing the talking points of Ripple’s defense.
The regulator also stated that granting the movants amici status would be “inappropriate” due to their bias. The XRP community was accused of disseminating “false statements” about the government agency.
Sourced from u.today.
Written by Alex Dovbnya on 2023-09-18 09:48:15.
