A judge denied the SEC motion to revoke XRP holders Amici status and the decision came a week after the US regulator asked the court to revoke the status granted to the XRP holders a week ago so let’s read more today in today’s Ripple XRP news.
The litigation between the US SEC and the blockchain company Ripple took a new turn. The regulator’s motion to revoke the amici curiae status granted to the XRP holders was dismissed by Federal District Judge Analisa Tores. As per the defense lawyer James K Filan, the motion to prevent John Deaton from further proceedings was denied as well and his tweet read:
“Amici can’t participate in expert challenge now but may file an application to brief concerns with SEC’s expert at summary judgment.”
In the heavily redacted letter to judge Torres, the plaintiffs requested to revoke the amici status granted to the opposition and bar further participation of John Deaton as XRP holders’ representative in the case last week. SEC argued:
“Movants’ Motion should be denied, and, pursuant to the Court’s broad discretion to permit or deny the appearance of amici. Deaton should be barred from making additional filings or otherwise participating in this case. The SEC may seek further relief from the Court in light of Deaton’s and his followers’ recent conduct.”
Back in March 2021, the XRP holders represented by attorney Deaton filed a motion to intervene in the case. This was rejected by the court but they managed to acquire the amici status. The Judge denied the SEC motion to revoke the XRP holders Amici’s status which can be defined as an individual or organization that is not a party to a particular litigation but Is permitted to advise the court. Magistrate Judge Sarah Netburn dismissed the SEC appeal for the protection of William Hinman’s speech from the disclosure. The Judge called out SEC’s hypocrisy for calling the Hinman speech personal while also seeking protection from the disclosure.
As recently reported, The blockchain company Ripple teamed up with FOMO Pay with the goal to improve cross-border payments. As a digital payment system for monetary transactions, one of the main goals of ripple is to leverage crypto and to provide cross-border settlements and its On-Demand Liqudity, it is meant to enable quick and efficent payments with multiple companies across the world facilitating transactions via this feature.