A US judge has rejected a request to add holders of XRP tokens as intermediaries in an ongoing Securities and Exchange Commission (SEC) case against Ripple. In an order issued the day after the motion was filed, Judge Analise Torres denied the token holders’ motion without anticipating the extension.
Protecting the interests of XRP holders
In their petition, filed on 14. March 2021, the XRP holders stated that their desire to be included in the SEC case against Ripple was motivated by the fact that it would allow them to protect their interests. They added that the withdrawal of the measure might weaken or impede their ability to protect their interests in practice. In addition, the proposal suggests that the existing parties do not properly represent the interests of SUP holders.
Nevertheless, the SUP Holders argue in their motion that, if admitted as mediators, they will not unduly delay or prejudice the adjudication of the original parties’ rights. Moreover, the owners stated:
If XRP holders are allowed to intervene, they will make a substantial contribution to the full development of the underlying factual issues in this case and to the fair and equitable resolution of the legal issue presented.
Just 24 hours later, however, the court denied the motion, and the case now begins without including XRP holders as intermediaries.
A new front in the SEC’s fight against Ripple
Meanwhile, the court denied the motion shortly after reports revealed that two Ripple executives had asked the same court to quash subpoenas to the Securities and Exchange Commission. As part of its strategy against Ripple executives, the US regulator has ordered six banks to disclose personal financial information about Ripple executives.
Nevertheless, the executives argued in their declaration that the subpoenas constituted a wholly unreasonable abuse of power and an invasion of privacy. At the time of writing, the Court has not yet ruled on this request.
What do you think of the court’s rejection of the XRP holders’ claim? Tell us what you think in the comments below.
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