The Securities and Exchange Commission (SEC) of the United States has informed the court that it intends to file an objection to the amici request made on behalf of a group of XRP token owners. The agency is reacting to the fact that John Deaton, a Rhode Island attorney, and XRP aficionado, recently requested permission from the court to represent 67,000 holders.
<h2><strong>SEC Asks For Another Deadline Extension</strong></h2>
Attorney John Deaton submitted a petition to intervene in the SEC's Ripple case last year. Although Deaton's plea was refused, the court granted six XRP holders amici status. This means they'd be involved in the case as "friends of the court," and they'd file briefs that the presiding judge has approved in advance.

Deaton requested that the court write a brief on behalf of other actual XRP investors who have been harmed by the SEC action earlier this month. The move was in response to the SEC calling in expert witness Patrick B. Doody to testify about what XRP investors were thinking when they bought the digital currency. In other words, Ripple is attempting to dismiss the witness testimony as a whole because his viewpoint lacks scientific credibility.

The SEC is now requesting an extension of time until June 7 to file its opposition to the amicus request letter in a Daubert challenge involving Doody's expert opinion from District Judge Analisa Torres. The Securities and Exchange Commission has requested an extension due to the forthcoming holiday and other briefing obligations.

Defendants and amici curiae lawyers have raised no objections to the extension request, indicating that the judge is likely to grant it.
<h2><strong>What’s Taking So Long. Is The Delay Really Necessary?</strong></h2>
Unless you've been living under a rock, you've heard that the SEC is deliberately slowing down the process. The commission was playing the "delay card," according to Ripple's general counsel Stuart Alderoty, rather than moving quickly to conclude the dispute once and for all.

Nonetheless, according to Alderoty, Ripple and the court are working over the clock to bring the legal dispute to a close as quickly as possible. He expects, however, that the case will not be resolved until 2023 at the earliest.

The stakes are high this year, as the cryptocurrency industry's regulation is now a primary priority in Washington, D.C., following President Joe Biden's signing of a crypto executive order. The future of the sector, according to the top Ripple lawyer, is on the line.

If Ripple prevails, the SEC will be forced to reconsider its anti-crypto attitude. If the agency succeeds, however, it will almost certainly lead to a slew of fresh lawsuits against other crypto-focused businesses.

Meanwhile, despite the SEC's procedural wranglings, Ripple is going about its business as usual. The company is still the most popular blockchain-based service for interbank transactions, and its tentacles are spreading far and wide.

According to CoinMarketCap data, XRP is down 0.71 percent in the last 24 hours, trading at $0.405 at press time.

SEC Moves To Prevent XRP Holders From Participating In The Ripple Lawsuit

The Securities and Exchange Commission (SEC) of the United States has informed the court that it intends to file an objection to the amici request made on behalf of a group of XRP token owners.

Prabhjeet Bhatla is a cryptocurrency writer covering startups and a researcher since 2020. She has authored many articles for Entrepreneur India and APAC (digital and print) on cryptocurrency and ever-evolving Blockchain, the technology behind Bitcoin, and other cryptocurrencies. She specializes in applied cryptography, privacy-enhanced information storage systems, anonymous cryptocurrencies, elliptic curve crypto-systems, and satellite television piracy.

SEC Moves To Prevent XRP Holders From Participating In The Ripple Lawsuit

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