A U.S. judge has denied the request to add XRP token holders as intervenors in the Securities and Exchange Commission (SEC)â€™s ongoing case against Ripple. In a ruling made one day after the motion was filed, the judge, Analisa Torres denied the token holdersâ€™ request â€œwithout prejudice to renewal.â€
Protecting Interests of XRP holders
In their motion filed on March 14, 2021, XRP holders said their desire to be included in the SECâ€™s proceedings against Ripple was on the grounds that this would enable them to protect their interests. They added that â€œdisposing of the action may as a practical matter impair or impede their ability to protect its interests.â€ Also, the motion suggests that â€œexisting parties do not adequately represent the interests of XRP holders.â€
Nevertheless, in their motion, XRP holders claim that if accepted as intervenors, they will not â€œunduly delay or prejudice the adjudication of the original partiesâ€™ rights.â€ Furthermore, the holders said:
Yet barely 24 hours later, the court had dismissed the motion and the case is now set to proceed without the inclusion of XRP holders as intervenors.
New Front in SECâ€™s fight against Ripple
Meanwhile, the courtâ€™s rejection of this request came shortly after reports suggested that two Ripple executives had approached the same court seeking to quash the SEC subpoenas. As part of its strategy against Ripple executives, the U.S. regulator had asked six banks to release the â€œpersonal finance informationâ€ of directors at Ripple.
However, in their submission, the executives claimed the subpoenas were a â€œwholly inappropriate overreachâ€ and an â€œinvasion of privacy.â€ At the time of writing, the court has not ruled on this submission.
What are your thoughts on the courtâ€™s rejection of the proposal by XRP holders? Tell us what you think in the comments section below.
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.