In the SEC v. Ripple lawsuit, the court has rejected the SECâ€™s attempt to block XRP holdersâ€™ Motion to Intervene and has set submission deadlines for the motion to be filed as well as for responses from the SEC and Ripple.
Judge Dismissed SECâ€™s Attempt to Stop XRP Holders From Intervening in Ripple Lawsuit
In the U.S. Securities and Exchange Commission (SEC) v. Ripple Labs case, the district court of the Southern District of New York â€œhas reviewed the partiesâ€™ and proposed intervenorsâ€™ letters dated March 19 and 26, 2021,â€ according to the court document filed Monday.
The SEC filed a lawsuit against Ripple Labs Inc., CEO Brad Garlinghouse, and co-founder Christian Larsen in December, charging them with conducting a $1.3 billion unregistered XRP securities offering. On March 19, Deaton Law Firm wrote a letter to District Judge Analisa Torres on behalf of XRP holders, as proposed intervenors. It was signed by over 10,000 XRP holders at the time of filing. The SEC responded on March 26, attempting to convince Judge Torres to deny the Motion to Intervene.
The Monday court order, signed by Judge Torres, is in favor of XRP holders, stating:
The order further states that â€œthe proposed investors shall file their Motion to Interveneâ€ by April 19.
In addition, the SEC shall file its opposition papers and the defendants shall file their response papers, if any, by May 3. Lastly, the proposed intervenors shall file their reply to the SECâ€™s opposition papers and defendantsâ€™ response papers, and the SEC shall file a reply to the defendantsâ€™ response papers by May 17.
Deaton Law Firm confirmed on Twitter that the SEC is â€œdefeated in [its] attempt to block XRP holdersâ€™ Motion to Intervene,â€ as Judge Torres has granted a request from its founder John Deaton â€œto submit Motion to Intervene on behalf of XRP holders.â€ Clarifying that â€œThe judge has not granted the motion,â€ the firm emphasized:
What do you think about this court order in favor of XRP holders? Let us know in the comments section below.
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