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Jul 20, 2022
by Jafrin Ahmed
U.S. SEC Asks Court to Revoke Amici Status Granted to XRP Holders
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The U.S. Securities and Exchange Commission (SEC) has requested the court to revoke the amici curiae status granted to XRP holders. If approved, XRP holders may no longer be able to contribute to Ripple's legal battle with the regulatory agency.
Ripple-SEC Case Gets New Drama
"The SEC, in a heavily redacted letter alleging threats against an expert, asks Judge Torres to revoke amici status granted to XRP Holders and to bar John Deaton from any further participation in the case," Filian wrote in its tweet.
Led by attorney John Deaton, a group of XRP holders filed a motion to intervene in the case in March 2021. Although the court rejected their attempt to insert themselves into the case last October, they did manage to obtain amici status. XRP holders thus were able to file "friends of the court" briefs.
In May, Deaton asked the court to file an amicus brief regarding the opinions of Patrick B. Doody, the SEC expert who testified to the court on what XRP holders considered when buying the token. However, the SEC believes that the movants' proposed brief would simply "duplicate" the defendants' efforts.
At the time of writing, the XRP is trading at $0.38, up 7.1% in the last 24 hours and 21.6% in the past seven days.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.