XRP holders have been able to celebrate a win against the SEC, as the court brought permission to file a motion to arbitrate. The filing margin time is April 19, and the SEC and Ripple comments should last to the court yesterday, May 3.
Attorney John E. Deaton and XRP holders yesterday achieved an essential first partial conquest regarding intervening in the lawsuit between the United States Securities Commission (SEC) and Ripple.
After Deaton submitted a formal pre-filing brief, permission went to file a motion to intervene in the ongoing case on behalf of more than 10,500 XRP holders. Judge Analisa Torres even ruled on the calendar.
According to the award, the motion to intervene must set a presentation no later than April 19. After that, the SEC, as a plaintiff, must file their paper, and Ripple, Garlinghouse, and Larsen must file their answer in court on May 3, if conditions apply.
On May 17, Deaton then has to target his response to the SEC review document and Ripple’s response to sentencing Torres.
For the SEC, it is a Complete Defeat
The XRP community is pandering to a major conquest, while for the SEC, it is a complete defeat, especially since the regulator previously vehemently defended a denial. Although Judge Torres did not grant the motion, she rejected the SEC’s arguments that XRP holders should not have the opportunity to present.
Ripple submitted their position papers on Deaton’s intervention. The regulator stated that Deaton is not clear about the claims it wants to make.
Deaton posted via Twitter that the SEC’s letter to achieve Torres’s sentence was the most confusing and deceptive letter that he had ever seen before a court. He said:
“Tenreiro is trying to get me to misquote by stating that my motivation in figuring out to step in is profit-taking. When I read that, I said: ‘I’m not talking about the price of #XRP – what the hell is he talking about?’ The truth is that I have never said that the objective of the revaluation is the appreciation of the price or zero similar. But that’s what he claims I said. I have investigated it. The comment I made was about the likelihood that the SEC would inform the exchanges that they could return to trading.”
As Deaton said on the social network, there are other moments where the SEC deforms the lawyer’s words to sway the court and make the intentions of Deaton and XRP holders look worrying or even harmful.
The SEC filed a lawsuit against Ripple in December 2020, alleging the company, CEO Brad Garlinghouse and Chairman Chris Larsen, made a sale of over $1 billion in XRP and created a token promotion, and even paid third parties to support the cryptocurrency.
By: Jenson Nuñez