US Court Rejects SEC’s Attempt to Block XRP Holders’ Motion to Intervene in Ripple Lawsuit

In SEC v. Ripple, the court rejected the SEC’s attempt to block the XRP holders’ motion to intervene and set deadlines for the SEC’s and Ripple’s filing of the motion and responses.

Judge rejects SEC’s attempt to prevent XRP holders from intervening in Ripple lawsuit

In the case of the U.S. Securities and Exchange Commission (SEC) v. Ripple Labs, the U.S. District Court for the Southern District of New York rejected the parties’ letters and offers to intervene dated 19 and 26. March 2021 will be reviewed, according to a court filing Monday.

In December, the SEC filed a complaint against Brad Garlinghouse, CEO of Ripple Labs Inc. and Christian Larsen, co-founder of Ripple Labs Inc. accusing them of conducting an unregistered XRP securities offering worth $1.3 billion. The Deaton law firm sent a letter to District Judge Analise Torres on March 19 on behalf of XRP holders as alleged participants. It was signed by over 10,000 XRP holders at the time of submission. The SEC responded on March 26. and tried to convince Judge Torres to deny the motion to intervene.

On Monday, Judge Torres signed a ruling in favor of XRP holders that stated:

The request for approval of the proposed intervenors is granted.

The decision also provides that the targeted investors must submit their request to intervene by the 19th day. April.

In addition, the SEC is filing its opposition and the defendants are filing their answer, if any, with the 3rd Circuit. May. Finally, the defendants must file their responses to the SEC’s opposition and reply briefs, and the SEC must file its response to the defendants’ reply briefs no later than the seventeenth day after the SEC files its opposition. Submit May.

Law firm Deaton confirmed on Twitter that the Securities and Exchange Commission has been defeated in its attempt to block the XRP holders’ petition, with Judge Torres granting a motion by founder John Deaton to file Intervene’s petition on behalf of the XRP holders. The law firm noted that the judge did not grant the motion:

It rejected the SEC’s argument that XRP holders would be denied the opportunity to file a report.

What do you think of this court decision in favor of XRP owners? Let us know your comments in the section below.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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