July 24, 2021

Over 6,000 XRP holders volunteer as third party defendants in SEC lawsuit

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XRP coin holders have attempted to insert themselves as third-party defendants in the United States Securities and Exchange Commission’s lawsuit against Ripple Labs.

A motion to intervene was filed by John Deaton of Deaton Law Firm on March 14 on behalf of over 6,000 XRP holders. Deaton — himself an XRP holder — argued that the interests of coin holders were not being adequately represented in the securities lawsuit against Ripple Labs and its executives.

Deaton’s argument builds upon the refutation of any securities violations by Ripple Labs. Specifically, if XRP is not a security, as Ripple executives Bradley Garlinghouse and Christian Larsen claim, then the efforts of said executives have no bearing on the performance of XRP.

For this reason, Deaton, along with over 6,000 concerned coin holders, have moved to intervene as third-party defendants. The filing states:

“Given SEC’s own statements that this Court is the exclusive forum to hear claims regarding this matter, and Ripple’s position that XRP holders cannot rely on Ripple’s efforts as protection of their interests in this case and the nature of Ripple’s defense, the XRP Holders’ intervention isTitle: Over 6,000 XRP holders volunteer as third party defendants in SEC lawsuit
Sourced From: cointelegraph.com/news/over-6-000-xrp-holders-volunteer-as-third-party-defendants-in-sec-lawsuit
Published Date: Mon, 15 Mar 2021 10:35:50 +0000