US Judge Denies Request to Add XRP Holders as Intervenors in SEC’s Lawsuit Against Ripple

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.

Photo credit: Shutterstock, Pixabay, Wiki Commons, XRP logo,

Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of a product, service or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.

ripple xrp,xrp ripple,ripple crypto,ripple cryptocurrency,Privacy settings,How Search works

You May Also Like

Major exchanges struggle as Bitcoin pumps on $1.5B Tesla investment

The eighth. In February, after Tesla invested $1.5 billion in bitcoin (BTC),…

Spanish Island Government Decides to Sell Its Bitcoin Investment by Citing ‘Ethical’ Reasons

Bitcoins are not appreciated by everyone on the island of Tenerife, Spain.…

Ripple to Dispose Stake in Moneygram Shortly After Announcing End of a Business Relationship

Days after announcing it was ending its partnership with Moneygram, fintech firm…

We asked for your craziest crypto story. These are the winners

In all supported Windows versions it is possible to run applications on behalf…