The members of the XRP community has filed a motion to intervene in the continuing legal battle between Ripple Labs, a blockchain payments firm and the U.S. SEC. Attorney John Deaton of Deaton Law Firm has registered a motion to interrupt Ripple’s legal battle with the U.S. SEC on account of likewise established XRP holders. The motion included a Memorandum of Law, which lists John Deaton, James Lamonte, four other proposed intervenors, and the complete XRP holders.
Additionally, in a memorandum of law that highlights the legal arguments supporting the motion, Deaton states that the interests of investors are not sufficiently described either by the SEC or by the distributed ledger company associated with the dubious token. However, the intervening defendants contend that the complaint has damaged many businesses. Furthermore, the memo asserts that XRP holders are determined to confirm that XRP has “the greatest utility of all cryptocurrencies.”
XRP Lawsuit Affected Several XRP Developers, Investors Due to Delisting by Exchanges
For the uninitiated, the SEC filed the lawsuit against XRP for unregistered sales. It indicted Brad Garlinghouse, Ripple’s CEO, and Chris Larsen, the company’s co-founder. The lawsuit details the charges of selling the cryptocurrency without appropriately registering it as a security. While the ongoing legal fight has initiated many irregularities on the part of the SEC favouring Ripple. Moreover, the memorandum noted that various government agencies identify XRP as a currency. It further states that neither the SEC nor the defendants are expressing the interests of the XRP community.
However, various XRP developers, investors, and businesses had to face multiple impacts caused by XRP’s delisting from the top exchanges due to lawsuit. The ongoing Ripple SEC lawsuit has undergone various irregularities like the undue resort to collect data alleged by the blockchain payments firm. However, the SEC has until May 3 to reply to this request by Deaton and co to intervene, pending a ruling by Federal Juge Analisa Torres on May 17. Moreover, there are rumours in the crypto space that new Chairman Gary Gensler may be capable of withdrawing the lawsuit.
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