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Ripple v/s SEC, Should XRP Holders Intervene the Lawsuit?

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VOC, Voice of Crypto, XRP, Ripple

The ongoing lawsuit between XRP and SEC has been the showstopper since December 2020. This lawsuit is being closely watched by every crypto company and investors worldwide for its potentially far-reaching implications on whether tokens, too, might be deemed securities in violation of U.S. law. 

As the legal tussle heads towards the crucial judgment, the court unveils its verdict on another motion after reviewing the parties’ letter redactions submitted on July 15, 2022.

The court found these letters narrowly tailored to preserve the higher values. The letter mentioned a copy of the proposed redactions, which have been submitted to the court for consideration. It highlighted an employee’s e-mail address appearing in exhibit O. Defendant highlighted that these employees are not involved in this case. In addition, one left the blockchain firm days before the complaint was filed.

It also added that the mentioned person had been deposed nor identified as the potential witness by the parties. They hold huge privacy interests and should get protection to prevent the disclosure of their identities. Meanwhile, the court has directed both parties to publicly file versions of the SEC’s opposition request.

In addition, Attorney Filan has asked to submit unsealed versions related to the amici motion by today. An amici in legal terms refers to a way for courts to receive and consider extra information offered by a third party related to the case.

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To date, the responses from the XRP community on social media to the judge’s ruling have been positive side. He also added that Amici must reply to the SEC’s objection to their participation by July 25, 2022.

What is this Lawsuit about?

The U.S. agency had summoned Ripple Labs, Christian Larsen, Ripple co-founder, and Bradley Garlinghouse, Ripple CEO, for privately selling XRP, which according to them, is security. SEC claimed the sales of XRP as illegal and has asked the firm to submit the $1.3 billion fund raised in the token sales.

Alongside, the SEC wants to ban all the three participants mentioned above from further selling tokens in the crypto world. 

Should XRP holders Join the Lawsuit? 

Moving forward, the most anticipated judgement of why XRP holders shouldn’t participate in the case is due today. Following this judgement, John Deaton, the lawyer of the token holders, will be responding to that by Monday. 

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Earlier, Judge Torres had rejected SEC’s assertion over Deaton’s filing a reply. According to Deaton, the commission has restricted his right to reply because he mislabeled the motion. However, the judge has now agreed with Deaton. With this, the lawyer will have the chance to slam SEC for taking a conflicting position. In addition, he can also convince the court why XRP holders should join the lawsuit. Recently, Ripple criticized SEC over hiding Expert Testimony

Will XRP price surge?

At the time of writing, XRP is changing hands at around $0.35, down by nearly 2% over the past 24 hours. Notably, it is trading 90% down from its all-time high of $3.84. Meanwhile, XRP’s 24-hour trading volume is up by 4%, standing at $1 billion.

 

Krutika is an experienced Crypto News writer and Technical analyst. With over 3 years of extensive crypto knowledge, she has written on various subjects, including Price analysis, Whitepapers, Metaverse, and other crypto-related topics.

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