The lawsuit between SEC and Ripple continues to have new developments. Perhaps unsurprisingly, XRP holders are growing increasingly impatient with the dynamism and volatility of the crypto space.
SEC v. Ripple – Amici aims Doody’s ‘reasonable’ XRP holder’s assertion
With this in mind, John E. Deaton, Counsel to ‘Amici Curiae,’ sent a letter asking US District Judge Analisa Torres to consider the views of XRP holders. He has submitted a letter asking the judge to allow him to write a summary on behalf of the 67,300 affected/hurt XRP holders. This move comes on the heels of testimony from an expert SEC witness, Patrick B. Doody, who reported what information ‘reasonable’ XRP holders relied on while buying the token.
an expert SEC witness who gave a report on what information “reasonable” XRP holders were relying on when they bought the token. Deaton says he bets this witness gave testimony without interviewing a single XRP holder. More to come.
— Eleanor Terrett (@EleanorTerrett) May 21, 2022
“Amici request permission to file brief regarding SEC expert who claims to know motivation of XRP holders when purchasing XRP. Amici also seek access to expert’s report and deposition testimony”, prominent attorney James Filan was among the first to tweet about this development, claiming.
Amici (John Deaton), representing 67k “ACTUAL XRP HOLDERS,” would provide the Court with a meaningful perspective. It will ensure a complete and comprehensive presentation of the matter raised, helping the Court reach a fair conclusion.
Such support will prove beneficial during a brief session on positive movements. However, in its sole discretion, the Court may request or deny other applications as appropriate. Either way, optimism will be high given the green light before that. Last October, a judge’s order granted Amicus Curiae status to 25,000 XRP holders.
“Movants, in their individual capacities, shall be permitted to act as amici curiae in this action. As such, Movants shall be allowed to assist the Court by briefing legal issues relevant to the case as approved in advance by the Court,” the Order stated.
Well, first, the SEC can deny this. There is no wisdom here. Jeremy Hogan also shared this feeling on social networks. Alternatively, another delay could also be a possibility. Yes, XRP holders won in October 2021, but at what cost? Consider this, Deaton filed his motion to intervene in March and had to wait until October to make a decision. However, it’s worth pointing out that XRP has recorded a gain of just 1% at press time.
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