TL;DR Breakdown
- XRP files motion to intervene in SEC, Ripple lawsuit
- Why hodlers decided to intervene
XRP investors have taken the bull by the horn to intervene in the ongoing legal matter between the Security and Exchange Commission (SEC) and Ripple, developers of controversial cryptocurrency, XRP.
The XRP investors, in a motion filed on Monday, claimed that the regulators (SEC) do not represent their interest and instead have hurt businesses by their lawsuit against Ripple, where the regulators claim XRP is a security rather than an asset.
The petitioners (XRP investors) hold that SEC says they put investors’ property at heart whereas, their interest is the complete opposite of their claim. Attorney John Deaton of Deaton Law filed the motion on behalf of six XRP holders.
It is worthy of mention that the investors hold that even Ripple does not represent the interest of the crypto hodlers in the lawsuit. Thereby, they have to represent their interest in the matter.
They also held that XRPL is entirely independent of Ripple and its executives.
XRP investors inspired by Ripple success in court against SEC
The investors got the push to file their motion following Ripple’s recent win against SEC in court. Ripple asked the court to dismiss the SEC lawsuit entirely.
Although the suit was not struck out, the court granted many other demands of Ripple in the lawsuit, like removing some documents and SEC comparison of BTC, ETH to aid Ripple to defend its case.
Previously, however, the SEC moved to stop investors from filing their motion, stating that they wanted to do so to profit from the coin. The authorities are to present their dissenting opinion on the matter latest on Monday, 3rd of May. The investors would also be able to present their case before a judge.
Since SEC dragged Ripple to court over the status of XRP, it has been a massive disaster for XRP and Ripple alike, although both are reeling out well from the initial crisis.
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Source: https://www.cryptopolitan.com/xrp-investors-file-lawsuit-against-sec/
