Ripple vs SEC: Judge Grants XRP Holders Amici Status
A Manhattan federal judge ruled this week that a group of individuals owning XRP can offer their “meaningful perspective” in the US Securities and Exchange Commission’s case against Ripple and its two top executives for violating securities law by selling unregistered securities.
Six holders of XRP can offer their opinions on certain legal questions in the lawsuit, wrote US District Judge Analisa Torres.
Back in March, XRP token holders sought to intervene, saying they were de facto defendants in the case and wanted to protect their interests.
“We were all granted amicus status today!” John Deaton of the Deaton Law Firm, who represents the XRP holders, wrote on Twitter.
“Today was another good day,” tweeted Ripple chief executive Brad Garlinghouse, who is one of the top executives sued by the SEC for conducting a $1.3 billion unregistered securities offering.
“XRP holders have always said that the SEC’s lawsuit is a direct attack on them. Now it’s official. The Court’s ruling permits John Deaton to share his “meaningful perspective” to help the Court “reach a proper decision.” Yet another important (and positive) development,” said Stuart Alderoty, General Counsel at Ripple.