The judge in the case against Ripple Labs urges holders of XRP to come forward with their legal views.
According to the Manhattan federal judge presiding over the Ripple Labs Inc. case, XRP holders now have something to offer. Judge Analisa Torres ruled that six holders of Ripple’s native token can offer “meaningful perspective” on certain questions in the lawsuit.
Earlier this year, XRP holders tried an intervention in the case with claims of default defendants. However, the SEC made claims of its own, that third-party intervention could “sow chaos” in the case.
John E. Deaton, founder of crypto-law.us and legal representative XRP holders Tweeted out an online form for involvement. Though the form does not specify if it’s for the six mentioned by Judge Torres, it does leave a space for comments. Deaton clarified, “any #XRPHolder can join in the fight. Your name and contact info will not be released without your consent.”
The Ripple vs SEC case opened in December after the latter sued the company and current and former executives. Allegations claim Ripple has been operating a billion dollar unregistered securities offering. However, the company and executives deny such claims.
Moreover, Ripple’s defense regards the token as a traded and utilized digital currency.
Aside from the involvement of XRP holders, the latest development on the case appeared in late September. A judge denied Ripple’s motion for access to SEC employee trade history. Nonetheless, the company recently struck a deal with the Royal Monetary Authority in Bhutan for digital currency creation.
The SEC Crackdown
The U.S. Securities and Exchange Commission gained traction this year on its policing of the crypto community. The Ripple case remains at the center of SEC interference in the space, however others recently became targets.
Recently Coinbase received a threat from the SEC over its new Lend product. The regulator threatened a lawsuit and probed the company’s records. In light of such action Coinbase dropped the product. In addition to Coinbase, the SEC took action against BitConnect and probed UniSwap this summer.
As lawmakers finalize crypto regulations, the industry remains on edge and under official’s microscope.
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