2022-7-28 21:20 |
A U.S. judge recently quashed the Securities and Exchange Commission’s (SEC) request to block XRP holders from aiding in Ripple’s defence and prohibit attorney John E. Deaton from further participating in the proceedings.
XRP Holders Can Continue Aiding Ripple DefenseAs the case against Ripple rages on, a U.S. District judge of the Southern District of New York has dealt a brutal blow to the SEC.
On Wednesday, Judge Analisa Torres rejected efforts by the SEC to revoke the amici status of XRP holders. This means that CryptoLaw founder John Deaton will continue to represent the interests of 67,000 XRP token holders in the case.
According to defence lawyer James K. Filan who shared the new development on Twitter, amici is not allowed to participate in the expert challenge at the moment but can apply to brief their concerns about the SEC expert at the summary judgment.
Deaton and other movants were permitted to act as amici curiae — an individual or organisation not involved in the litigation but allowed by the court to advise or provide expertise and insights — in October 2021. At the time, the court ruled that such assistance would be most useful during the briefing on dispositive motions.
As you will recall, the SEC requested the court to bar XRP holders from participating in the case last week after Deaton filed an amicus brief to address the commission’s expert Patrick B. Doody.
Yet Another Win For RippleReacting to the new development, Deaton stated that the XRP community should continue appreciating the two judges presiding over the long-standing case. He further observed that Judge Sarah Netburn has been fair to both sides during the discovery phase. At the same time, Judge Analisa Torres’s rulings are impartial and just — despite recently throwing out his immediate motion.
As for XRP enthusiast Fred Rispoli, “this is a win for sure”. “Although J. Torres denied Amici’s request for Daubert participation, the same purpose will be achieved by SJ participation. And although she implicitly denied access to Doody report, SEC already lost that issue re: Daubert motion redactions,” he summarized.
As we have covered previously, the outcome of the SEC vs. Ripple lawsuit will most likely determine whether XRP is a security. If the court rules in the SEC’s favour, it could be the precedent the securities watchdog needs to go after other cryptocurrency projects that issued and sold tokens similar to Ripple.
Meanwhile, XRP has gained 9.57% over the last 24 hours to change hands at $0.37 as the majority of cryptocurrencies attempt recovery. The payments token is currently the sixth-largest cryptocurrency with a market cap of $18 billion.
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