SEC Moves To Prevent XRP Holders From Participating In The Ripple Lawsuit

The Securities and Exchange Commission (SEC) of the United States has informed the court that it intends to file an objection to the amici request made on behalf of a group of XRP token owners. The agency is reacting to the fact that John Deaton, a Rhode Island attorney, and XRP aficionado, recently requested permission from the court to represent 67,000 holders. SEC Asks For Another Deadline Extension Attorney John Deaton submitted a petition to intervene in the SEC’s Ripple case last year. Although Deaton’s plea was refused, the court granted six XRP holders amici status. This means they’d be involved in the case as “friends of the court,” and they’d file briefs that the presiding judge has approved in advance. Deaton requested that the court write a brief on behalf of other actual XRP investors who have been harmed by the SEC action earlier this month. The move was in response to the SEC calling in expert witness Patrick B. Doody to testify about what XRP investors were thinking when they bought the digital currency. In other words, Ripple is attempting to dismiss the witness testimony as a whole because his viewpoint lacks scientific credibility. The SEC is now requesting an extension of time until June 7 to file its opposition to the amicus request letter in a Daubert challenge involving Doody’s expert opinion from District Judge Analisa Torres. The Securities and Exchange Commission has requested an extension due to the ...