XRP Ripple holders may be able to intervene in the’SEC vs Ripple’ case.
A federal judge accepted token holders’ claims that their interests were not adequately represented in the SEC’s ongoing lawsuit against Ripple Labs.
Ripple (XRP) token holders who sought the right to intervene in an ongoing lawsuit against Ripple Labs by the Securities and Exchange Commission (SEC) received a positive response from a judge in the Southern District Court of New York.
According to a letter filed by Justice Anthony Torres on the 29th (local time), the interventionists making the proposal must submit their consent to the intervention by April 19th, and by mid-May, opposition for both the SEC and the accused. Express your position and raise a response.
Their allegations were backed up by a letter filed in court on Friday by executives at Brad Garlinghouse Ripple Labs, the defendant in the SEC case, and lawyers defending Christian Larssen.
They wrote to Judge Torres that “the six nominated individuals who are trying to intervene to protect the interests of thousands of’holders’ of the XRP have “founded” concerns about the’lack of clarity’ in the SEC case.”
According to the defendants, the SEC has “conclusive arguments suggesting that XRP is always secure.” This implies that “any offer, sale or transaction related to XRP is subject to the broad range of regulatory requirements required by federal securities laws.”
Meanwhile, in a handwritten letter filed by the SEC to Judge Torres on Friday, those who submitted consent for intervention by themselves lacked clarity. I didn’t explain.”