In a filing submitted to the court on Tuesday, Ripple revealed that six of its investors may be excluded from a court hearing as the company attempts to settle its lawsuit with the SEC. The company submitted the filing in response to the SEC’s motion to exclude certain individuals from the list of potential witnesses. In the filing, Ripple argued that the SEC had only included the six investors in order to “substantially delay the resolution of this action.” The company filed the lawsuit in 2017, after the SEC stated that XRP is a security.
On February 6, 2018, Ripple Labs Inc. and its subsidiary XRP II (collectively “Ripple”) filed a motion to limit the number of individuals that can be excluded from participating in the settlement approval process. The motion was filed in response to the class action lawsuit Ripple filed against the United States Securities and Exchange Commission (SEC) in September 2017. The lawsuit accuses the SEC of overstepping its authority and states that the SEC’s sanctions and punishments against Ripple are unconstitutional, as they violate the U.S. Constitution’s Contracts Clause.
The ongoing court case between Ripple Labs and the SEC is set to continue, with a second hearing taking place in front of a judge in San Francisco. The hearing will take place on May 14, having been delayed from mid-April. According to court documents filed on May 8, 2018, only Ripple Labs and the SEC will be allowed to participate in the hearing. Of the six XRP investors who previously filed applications to intervene in the case, only two will be allowed to participate. Two others will be granted leave to file a motion to intervene, while the other two will be denied their applications.. Read more about xrp ripple and let us know what you think. The latest twist in the SEC’s legal battle against Ripple has resulted in the US securities regulator filing a reply brief in response to a motion to intervene, according to a new filing. A motion to intervene on behalf of XRP holders was granted by Judge Torres in late March, after the SEC tried unsuccessfully to oppose the move. It plans to take into account the views of the 12,600 XRP holders when reviewing the file. However, as expected, the SEC has now filed an objection to the motion to intervene. In its motion, the SEC seeks to block the participation of six appointees, including the originator of the motion to intervene, Mr. Deaton.
US Securities and Exchange Commission tries to block XRP owners withlawsuit
The SEC’s response letter names Jordan Deaton, James Lamonte, Tyler Lamonte, Maya Lamonte, Mitchell McKenna, and Christiana Warner in an effort to prevent their participation in the litigation as third-party defendants. The SEC argues that the six named individuals do not meet the definition of amici curiae, which is Latin for friend of the court. Instead, the SEC argues that the six would act as friends of the defendant if allowed to participate in the proceeding. They also claim that XRP holders will not provide any new information to the court. Also, their vested interest in Ripple will distort any evidence they present. In allowing its participation, the SEC argues that the scope of the case is different from what was considered in the enforcement proceeding. Because this enforcement proceeding does not cover individual secondary market investors who purchased XRPs, the participation of market participants in this proceeding, either as intervenors or amici, would broaden the scope of this proceeding to include claims that the SEC does not prosecute.
XRP holders want their day in court
To counter the SEC’s lawsuit, which alleges that Ripple sold $1.3 billion worth of unregistered securities over an eight-year period, XRP holders want to assert their position. In a motion for intervention filed last month, XRP holders say they want to help protect their own interests. They will not bring any claims or counterclaims against the regulators. According to Deaton, the SEC has failed to take into account the investors it purports to protect. XRP holders are collectively calling for action to make their voices heard on this issue. The #XRPHolders’ reply brief to the SEC’s opposition to our motion to intervene has been filed. https://t.co/6TGvIjzv4X – John E Deaton (@JohnEDeaton1) May 17, 2021 Jesse Hines, general counsel at Gala Games, isn’t too optimistic about the XRP owners’ chances of winning the case. In my opinion, the law is on the side of the SEC. I’m happy to be wrong, but I don’t see the motion to intervene succeeding. Nonetheless, given that the future of the US crypto industry depends on it, it would be short-sighted to deny XRP holders the chance to speak out.
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The dispute between Ripple and the US Securities and Exchange Commission (SEC), which began in 2017, has been referred to a federal court for trial. This action occurred after the SEC filed a civil suit against the company in federal court claiming that Ripple’s sale of XRP tokens constituted the sale of unregistered securities. Later that year, Ripple Labs Inc, XRP II LLC, and XRP investor Ryan Coffey filed an action against the SEC in June 2018. In a legal filing, the defendants argued that the SEC did not have the authority to make legally enforceable regulations, and that XRP was not a security.. Read more about xrp lawsuit update today and let us know what you think.
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