The Securities and Exchange Commission of the US has been intervening in the crypto industry for quite a while now. But, its latest battle against Ripple seems to be more serious than the others. The entire community was shaken after Ripple was slapped with the charges of selling unregistered securities. This took another turn after the XRP army came into the picture seeking better representation in the Ripple vs SEC lawsuit.
However, the latest news from the court suggested that the XRP holders would not be part of the hearing.
Ripple’s Lawsuit Takes Another Turn
Ripple has been represented by a total of 21 lawyers in its squabble against the SEC. While the settlement was out of the picture, another plea to Judge Analisa Torres was presented by John Deaton of the Deaton Law Firm on behalf of over 6,000 XRP holders. The XRP army intended to sit in as a third-party defendant.
Judge Torres, however, shot this down suggesting that the motion did not have any “prejudice.” The reason behind the denial of the motion to intervene was further elaborated in the letter filed by the Judge. The letter read,
“If granted leave to intervene, XRP Holders will significantly contribute to the full development of the underlying factual issues in the case and to the just and equitable adjudication of the legal question presented.”
Furthermore, Deaton decided to hit back against the dismissal of the motion to intervene. He took to Twitter and urged XRP holders to not be alarmed by the latest development as he was preparing to file another motion. His tweet read,
“What Did I say about being knocked down and how we respond? It was denied “without prejudice” with the ability to refile in accordance with Judge Torres’ local rules. This simply means it must be refiled as a letter motion. I’m on it, please don’t get discouraged.”
At the time of writing, XRP was trading at $0.46 with a dainty price change of a negative 0.84%. The asset continued trading below $0.5 despite the bull’s efforts to rise.