Ripple: XRP hodlers can register first important partial success
The dispute between Ripple and the SEC is going from strength to strength. Now the XRP community’s lawyer gets the right to file a motion to intervene.
Day by day, the dispute between Ripple and the SEC is coming to a head. Now, however, the US Securities and Exchange Commission has suffered a setback. As several media report, the SEC’s attempt to prevent the XRP community from intervening in the case has failed. Instead, a New York court has allowed a motion to intervene to be filed.
In a red-hot order on Monday, Judge Analisa Torres ruled that said motion to intervene must be filed no later than 19 April. Any opposition or reply Crypto Code papers filed by the SEC are again subject to a deadline of 3 May. This injunction naturally pours water on the mills of the XRP community, which has already started to pull out all the stops in many social media channels. The judicial document was also immediately widely circulated on Twitter.
Mind you: Judge Torres has not yet approved the application for the intervention of Ripple’s supporters. She has only given permission to lawyer John Deaton to file the motion. This means that the full pleadings, including a coherent argument, have yet to be filed. In the Southern District of New York, this permission letter is a necessary part of the rules of procedure before the XRP community lawyer can file the motion. Nevertheless, Ripple supporters are already celebrating this move as a partial success.
XRP supporters celebrate the judge’s order
This euphoria is also quite understandable. The injunction is indeed a blow to the SEC’s neck. After all, the regulator has always argued against such motions to intervene before. Just a few days ago, both the SEC’s lawyers and Ripple’s representation had written to Judge Torres on this very issue. Both parties, of course, took completely opposite positions on the issue of Deaton’s intended motion to intervene. Following this written argument, attorney Deaton did not spare clear words on his Twitter account:
The SEC letter to Judge Torres objecting to our motion to intervene is the most misleading letter I have ever read submitted to a court. They clearly tried to make me look bad. They claim that my motivation to intervene is purely profit-driven.
By his own admission, Deaton has become active as a representative of the XRP community because he did not see the interests of XRP holders adequately represented by any of the parties. In his opinion, XRP hoarders cannot rely on Ripple’s efforts alone.