In the long-running battle between Ripple’s top executives and the Securities and Exchange Commission (SEC), XRP owners (or at least six) will be represented in court. The regulator is refusing to ease its harsh measures against cryptocurrency companies. It has subpoenaed Circle Financial, the issuer USD Coin (USDC), and issued a subpoena.
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Ripple-SEC is a case in which executives are accused of deliberately selling an unregistered security. XRP holders have tried to join the lawsuit for a while. Ripple executives would have been preferred by the regulator. Analisa Torres, Manhattan District Court Judge, wrote in a formal ruling that the court should have the opportunity to hear “significant views” from XRP holders.
Despite the fact that the SEC stated in a formal attempt not to intervene, that XRP token owners “cannot offer a unique viewpoint or information not already available” to the court in a formal attempt to stop it from proceeding, Torres asserted.
Torres acknowledged that the holders couldn’t “intervene in a class” as it would lead to delays. However, she [referring to precedent] said that they will “provide the court with a meaningful viewpoint and help resolve complex problems, fully and comprehensively to enable the court to make the appropriate decision”.
We recommend that you stop by and enjoy the wait while everyone awaits the court’s verdict.
She ruled that owners are allowed to present legal issues pertinent to the case to the court, but only if the court has approved.
The judge stated that amicus status would enable XRP holders “to help resolve” important legal questions, but she said that the court “recognises [the] extremely prejudicial situation”.
XRP, seventh-largest market capitalization, trades at $1.05 as of 07:48 UTC. This is almost 2% higher than the previous day, and 14% more than the week.
The SEC seems to be continuing its pursuit of Circle, another major US cryptocurrency provider.
Circle stated in a statement to the SEC that it was served with a subpoena from the agency’s law enforcement section asking for documents and other information back in July.
The company wrote:
“In July 2021 we were served with a subpoena by the SEC enforcement section asking for documents and information about some of our investments and client programs. We cooperate fully with the investigation
One media outlet noted that Circle had made the same admission in the August document, but this section was ignored at the time by most.