XRP Army wants to interfere in the legal battle between Ripple and SEC, claiming investors’ interests are not guaranteed
The SEC and Ripple lawsuits are so far not over. However, it seems that the community is quite supportive of XRP, especially XRP Army. In it, Deaton Law Firm Attorney John Deaton filed a proposal to interfere in Ripple’s legal battle with the US Securities and Exchange Commission on behalf of XRP holders with similar positions.
XRP holders claim the SEC does s represent their interest in motion to intervene on the Ripple lawsuit
In a memorandum outlining the legal arguments for this proposal, Deaton wrote that:
“The interests of investors are not adequately represented either by the SEC or by the distributed ledger company affiliated with the controversial token XRP.”
The SEC has attempted to block XRP holders from submitting applications, claiming that their sole purpose is to resume speculative transactions. However, the defendant’s intervention confirmed that many businesses were damaged by the complaint.
“Many of those developers and individuals and small businesses have been slowed or halted due to the allegation that today’s XRP itself is an investment contract and thus a security.”
Furthermore, the memo states that XRP holders are determined to prove that XRP has the greatest utility of all cryptocurrencies. And that it is fearing that the SEC is so determined. Deaton claims that the interests of the owners who filed a class-action lawsuit against Ripple have been represented by this agency.
The SEC will have to file its objection papers by May 3. Deaton will have the opportunity to respond to the agency by May 17 before Federal Judge Analisa Torres decide whether to accept his request for intervention or not.
You can see the XRP price here.
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