SEC v. Ripple: XRP Holders score “huge win” with Amicus Curiae status
“Yes, Judge, a lot of things about this case are backwards. Why would 22k XRP “securities” holders want to intervene as Defendants in a case where the SEC is supposed to be representing them??”
After a long wait, the Southern District Court of New York has ruled on the XRP Holders’ motion to intervene, which was opposed by the SEC for the risk of an “avalanche of claims“.
Judge Analisa Torres’ ruling could be construed as a negative for the movants as the court denied the motion, but the more than 25,000 holders of XRP represented by attorney John Deaton are celebrating the decision.
This is because the Judge’s order granted Amicus Curiae status to the XRP Holders. The status, which is Latin for ‘Friend of the Court’, refers to someone who is not a party to a case who assists a court by offering information, expertise, or insight that has a bearing on the issues in the case.
“Movants, in their individual capacities, shall be permitted to act as amici curiae in this action. As such, Movants shall be allowed to assist the Court by briefing legal issues relevant to the case as approved in advance by the Court”, the Order stated.
Such assistance will be most beneficial during briefing on dispositive motions, but the Court may exercise its discretion to request or deny further applications as appropriate.
Jeremy Hogan, an XRP community-friendly attorney, has commented on the ruling: “I like this official finding by the Judge – that XRP holders and Ripple have a common “interest” – because it’s a concession by the judge that a ruling against Ripple is a ruling against all owners of XRP.
“Yes, Judge, a lot of things about this case are backwards. Why would 22k XRP “securities” holders want to intervene as Defendants in a case where the SEC is supposed to be representing them??”, Mr. Hogan added.
“This is a HUGE win for the #XRPCommunity because the interests of the Individual Movants and the #XRPCommunity are aligned”, said James K. Filan, another XRP Community-friendly attorney.
“OVER TWENTY-FIVE THOUSAND #XRPHOLDERS NOW HAVE AMICI CURIAE STATUS. 25,617 and growing”, said the XRP Holders attorney John Deaton on Twitter.
Mr. Deaton filed the motion to intervene in March and had to wait until October for the decision to see the light of day. During that time, he remained a prominent figure within the community, helping investors understand the lawsuit and trying to get the mainstream media to pay attention to the “cryptocurrency trial of the century” through a recently launched blog, which he also used to expose the alleged conflict of interest surrounding the XRP lawsuit.
There’s more on Ripple:
Ripple pushes SEC up against the wall: ‘If personal opinions, then no privilege”
Ripple buries SEC in paperwork in XRP lawsuit: Nearly 30,000 requests
Ripple running out of time as BIS ‘conspires’ to end cryptos’ threat to financial system
Ripple responds to Senator Toomey on XRP, the SEC, and how to do better
SEC v. Ripple: XRP’s utility and currency value backed by former U.S. Treasurer
