As the SEC v. Ripple Labs Inc. litigation intensifies, the United States Securities and Exchange Commission, or SEC, has made an attempt to prohibit Attorney John E. Deaton and other XRP investors from further participation in the case.
In the ongoing Ripple-SEC case which began in late 2020, the United States SEC has requested the Judge handling the case to bar Attorney John E. Deaton and other XRP holders from providing support to the defendant, Ripple Labs Inc, in a redacted letter.
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SEC lawyers claim that Attorney John E. Deaton, founder of the Crypto-Law firm is improperly interfering in the proceedings of the case involving Ripple (XRP), according to people familiar with the matter.
On these grounds, the SEC wants him prohibited from any further involvement in the lawsuit. Also, SEC attorneys have asked Judge Torres to revoke amici’s status granted to XRP holders.
In the letter which was initially filed in June, the SEC opposed 6 XRP token holders’ motion to file an amicus brief regarding some statements made by one of the SEC’s experts. The regulations watchdog noted that the XRP holders want to brief factual rather than legal issues.
More so, the SEC disagreed with the ruling to acknowledge a total of 1,746 XRP holders as friends of the court (amici curiae) including John E. Deaton. John E. Deaton and these XRP holders are expected to submit a public reply to the SEC’s objection by July 25.
Read Also: Fresh Big win For Ripple as Court Denies SEC’s Motion to Seal its Objection to Amici Participation
To note, the legal term for an individual who is not directly involved in a court case but gives information that may be used by the court is amici with the plural form being amici curiae.
Meanwhile, these Ripple (XRP) holders have signed testimonies asserting that they have suffered huge investment losses as a result of the SEC’s lawsuit against Ripple (XRP).
As revealed in their statements, XRP holders noted that they purchased the token of their own volition and not because of promises made by Ripple.
Read Also: The Judge Handling Ripple-SEC Lawsuit Pinpoints Hypocrisy in SEC’s Arguments
The Ripple-SEC lawsuit is gradually becoming two years long without the last verdict. So far, the SEC is employing all possible tactics to win the case and by extension, obtain a precedent to nail more crypto tokens issued similarly to Ripple (XRP).
Meanwhile, Brad Garlinghouse’s Ripple Labs Inc. is determined to win regardless of the associated huge legal fees. The XRP community remains positive and supportive of Ripple. According to the Ripple CEO, the legal battle isn’t just for XRP but for the entire crypto industry.
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