Why The SEC Opposes XRP Holders’ Involvement In Action Against Ripple

2021-5-19 20:51

XRP holders have been trying to gain a voice in the action against Ripple Labs and some of its executives filed by the Securities and Exchange Commission (SEC). However, the regulator has opposed by any means at its disposal.

In a reply memorandum filed on May 17th, the Commission reiterated its position against the motion to intervene presented by the collective called “Movants”, 6 XRP holders in the representation of their community.

The SEC claims that these investors are “improperly” trying to take a role in the action via an “amici curiae”, a form of legal instrument that would grant the holders a status of assistance in the case. Thus, they could provide expertise and their unique point of view as investors.

The regulators claim that the XRP holders can’t “offer any unique perspective”, information or additional details that could provide value in court. Also, the Commission added that the Movants have a bias point of view and “advocate for the same outcome as Defendants”, Ripple Labs and executives Brad Garlinghouse and Chris Larsen. The documents claims:

Seeking to inject themselves as “third-party defendants” in this action, Movants would act as “friends” of Defendants, not true “friends of the court,” if permitted to participate as amici.  And Movants’ arguments are not relevant to (and would improperly expand) the violations charged by the SEC in this action.

How XRP Holders Could Affect The Action On Ripple Labs

Therefore, the SEC asked for the denial of the motion presented by Movants and claimed that their involvement would bring “prejudice” to the court. In that way, this participation could “transform the nature” of the case and even go as far as deny the SEC the right to “discovery”, according to the document.

One of the Movants, lawyer John E. Deaton, responded to the memorandum. The expert said that the legal entities in the United States had granted “amicus” in cases where parties, according to the SEC’s logic, could be classified as “bias”. Deaton added:

It’s granted to someone with strong interest in or views on the subject matter of an action, but not a party to the action.

Lawyer Jeremy Hogan said that XRP investors should not participate as full litigants but acknowledged that they can bring relevant facts to the court. Hogan added:

to argue that Ripple and the XRP litigants are in collusion goes too far. I think the Judge should (and will) grant limited “amici” participation – something obviously the SEC doe NOT want to see happen.

While the crypto market bleeds, XRP has held a strong ground against bears and trades at $1,62, at the time of writing. Lower timeframes show medium profits with 7.9% in the daily chart. Higher time frames are in the green with a 15.4% and 4.3% profit respectively.

XRP with moderate gains in the daily chart. Source: XRPUSDT Tradingview

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Action Coin (ACTN) íà Currencies.ru

$ 0.0001401 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.02 %, 7d: 0.04 %
Cåãîäíÿ L: $0.0001401 - H: $0.0001401
Êàïèòàëèçàöèÿ $0 Rank 8535
Äîñòóïíî / Âñåãî 0 ACTN / 2.003b ACTN

action against ripple sec xrp holders commission

action against → Ðåçóëüòàòîâ: 126


Ôîòî:

Nano Lawsuit Update: Angry Investor Reacts to Motion to Dismiss

James Fabian, the chief plaintiff in the securities class action suit against the Nano crypto company, has asked a judge to strike against each point of dismissal that Nano supplied last fall. Nano Dismisses Claims in 10-Point List Fabian, who faced losses after the hack and closing of the BitGrail exchange, believes Nano did not have sufficient excuses to claim lack of responsibility for the loss of coins.

2020-1-16 19:00


Plaintiffs Withdraw Class Action Lawsuit Accusing Bitfinex, Tether of Manipulating BTC Prices

The class-action lawsuit brought against Bitfinex and Tether for manipulating BTC market prices has officially been withdrawn by the complainants. According to court documents filed in the Western District of Washington on 7th January 2020, Adam Kurtz and Eric Young, the plaintiffs who had accused the two firms of manipulating BTC market prices have chosen […]

2020-1-10 19:42


Overstock Shareholders Stake Their Claim To Lead Class Action Lawsuit Over tZERO Controversy

Overstock, an e-commerce giant that ventured into the decentralized space with its tZero platform is at the center of a class-action lawsuit filed against it on September 27 this year. The lawsuit accuses Overstock of security fraud and the firm is currently facing 5 cases against it. Several investors this week filed their motion to […]

2019-11-30 19:41


Ôîòî:

Overstock Shareholders Compete to Lead Class Against tZERO’s Parent

E-commerce giant Overstock faces a difficult period as several former and current shareholders fight for the status of lead plaintiff in a class action against the company. Overstock’s tZERO Project Created to Be Used Against Short Sellers The investors filed motions earlier this week in an effort to consolidate the five cases against Overstock and the appointment of a lead class counsel.

2019-11-30 17:52


China Reinforces ‘Blockchain Not BTC’ Saying Cryptos Are ‘Unregistered Security’ & ‘Illegal Ponzi’

China is taking serious action against cryptocurrencies, solidifying its stance on “blockchain not bitcoin. ” Dovey Wan, Founding Partner at Primitive Crypto shared the latest developments where CCTV1, the national flagship television network of the People's Republic of China featured a 60-minute investigative program on cryptocurrency.

2019-11-18 18:51