A U.S. judge rejected a request to add XRP token holders as interveners in the ongoing Securities and Exchange Commission (SEC) case against Ripple. One day after the motion was submitted, Judge Analisa Torres rejected the token holder’s request, “it does not affect the renewal.”
Protection of the rights of XRP holders
XRP holders stated in the motion filed on March 14, 2021 that they hope to include it in the SEC’s lawsuit against Ripple on the grounds that this will enable them to protect their own interests. They added: “Disposing of the action may actually damage or hinder its ability to protect its interests.” In addition, the bill also suggests that “existing parties cannot adequately represent the interests of XRP holders.”
Nonetheless, the XRP holders claimed in the motion that if accepted as interveners, they will “not unduly delay or impair the ruling on the rights of the original party.” In addition, the holder said:
If permitted to intervene, the XRP holder will make a significant contribution to the overall development of the basic facts of the case and the legal issues raised for a fair and reasonable trial.
However, only 24 hours later, the court rejected the motion, and now the case will continue without the XRP holder as an intervener.
The new front of the SEC and Ripple confrontation
At the same time, shortly after it was reported that two Ripple executives had sought to revoke the CSRC’s subpoenas from the same court, the court rejected the request. As part of a strategy aimed at Ripple executives, US regulators required six banks to release the “personal financial information” of Ripple directors.
However, the executives claimed in the documents submitted that the subpoenas were “completely inappropriate over-range” and “invasion of privacy.” At the time of writing, the court has not yet ruled on this opinion.
What is your opinion on the court’s rejection of the XRP holder’s proposal? Tell us what you think in the comments section below.
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