Court Grants XRP Investors Permission to File Motion to Intervene In Ripple-SEC Lawsuit
Solomon Odunayo
3 min read
XRP investors have been pressing towards seeing the success of Ripple in the court, as the cross-border payment firm and the United States Securities and Exchange Commission (SEC), continue their securities legal battle. And considering the latest report, XRP holders represented by Attorney John Deaton are having a headway in their determined quest.
According to the report, Attorney John Deaton on behalf of all XRP investors has been granted permission to file a motion to intervene in the current Ripple-SEC legal tussle by Judge Analisa Torres.
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According to an order passed a few hours ago, Judge Analisa Torres ruled that Deaton must file the motion to intervene no later than 19th April 2021 and any opposition and response papers can be filed by 3rd April 2021.
It can be recalled that Jorge Tenreiro, a senior trial attorney at the SEC, wrote a letter on 26th March 2021 to Federal Judge Analisa Torres, in order to prevent XRP holders from intervening in the SEC’s lawsuit against Ripple, claiming that the motivation is to later sell XRP to other investors at profit. In the letter, he cited John Deaton’s filing on behalf of 10,000 XRP holders as a case study.
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Jorge Tenreiro said:
“Movants primary motivation appears to be to reinstate speculative trading of XRP on digital asset platforms so that Movant may sell XRP to other investors at a profit.”
In the letter Tenreiro also cited an article by FXStreet that mentions Deaton’s prediction regarding the potential of XRP to double its price if exchanges decide to relist the cryptocurrency:
“if the Court permitted Movants to intervene, all other XRP holders, including a large class of XRP investors who has already sued Defendant Ripple Labs, Inc. (“Ripple”) for unregistered offers and sales of XRP securities, would likely seek to intervene, too.”
Read Also: Lawyer John Danton: Vitalik Buterin Offered ETH as a Security than Any Specific Sale of XRP
However, the new development is clearly good news in the XRP community, but a big blow in the camp of the securities regulatory agency.
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