Ripple: will investors be able to participate in the SEC's lawsuit against Ripple?
The court will consider the request of Ripple (XRP) investors to participate in the case of the US Securities and Exchange Commission (SEC) against the cryptocurrency startup Ripple.
The District Court for the District of New York has approved a motion by attorney John Deaton for investor interference in the SEC and Ripple litigation.
The request must be submitted by April 19. If the plaintiff (SEC) has any counter-objections, the documents must be filed by May 3. The official response of the court will be announced on May 17, writes block-chain24.
Earlier, Judge Analisa Torres rejected the XRP community's request to file a motion to intervene in the litigation between the regulator and Ripple. Now such an opportunity appears in the case of a positive court decision.
In early January, a group of investors demanded that the regulator change the lawsuit against the California company and stop calling the coin a security. According to them, the SEC "intentionally and intentionally" caused XRP holders "multibillion-dollar" losses.
In March, the SEC filed a motion with the court to dismiss the claim. In the same month, Deaton announced the intention of the token holders to participate in the lawsuit as a third party to protect their interests.
Recall that in December 2020, the SEC accused Ripple, its CEO Brad Garlinghouse and co-founder Chris Larsen of unregistered sale of securities worth $1.3 billion in the form of XRP.
The agency later corrected the lawsuit, focusing on the actions of Larsen and Garlinghouse. According to the regulator, they manipulated the price of the asset and personally received $600 million from the sales.
From other news. Ripple has bought 40% shares in the Asian company Tranglo, specializing in cross-border payments. Ripple plans to improve the payment ecosystem in Southeast Asia, meet the growing demand and expand the presence of the On-Demand Liquidity product in the region.
Earlier, the CEO of Ripple called the On-Demand Liquidity platform the future of the banking system, which will significantly increase the capitalization of XRP. The platform replaced xRapid, coinciding with its predecessor in terms of using the XRP cryptocurrency.