Judge to Take XRP Holders’ Views as Amici Curiae By CoinQuora
- In the ongoing Case, the Judge surprisingly took XRP holders’ views into consideration as amici curiae.
- The judge still denied the XRP holders’ motion to intervene in Ripple’s case against SEC.
Recent news surprised crypto industry with the SEC and Ripple dispute. A few days later, the decision of the case’s judge again shocked the public. According to reports, Federal Judge Analisa Torres just allowed XRP holders to give their “meaningful perspective” on the case. XRP holders are now amici curiae.
To clarify, amici curiae is a Latin word meaning ‘friends of the court’. This allows XRP holders to file briefs about the case.
Movants in their own capacities shall therefore be allowed to serve as amici-curiae in the action. Movants will be permitted to brief the Court on legal matters relevant to this case, provided they are approved by the Court in advance.
Federal Judge Torres noted that six XRP holders “including [with] the right to present argument and proffer evidentiary material based on their experience and knowledge of the market” (Defs.’ Response at 14), but that Movants’ participation “should not involve any ‘additional discovery’ nor ‘any change to the current scheduling order’” (id. at 15, (quoting D.E. 123 at 14
It sounds great, but there are downsides. XRP holders can’t give evidence and cannot present witnesses. To avoid prejudice, the XRP holders’ involvement is limited to legal questions.
Attorney John Deaton is the man who brought all this about. He is the one who took an effort in interposing XRP holders’ participation in the case. He expressed his happiness about the matter via Twitter (NYSE :).
A few days ago @BlackberryXRP tweeted out: “We were all on TV today” regarding my appearance on the countdown with @LizClaman and @CGasparino.
Today, we were granted amicus status! https://t.co/j2mBXooB4p
— John E Deaton (@JohnEDeaton1) October 4, 2021
SEC expressed disappointment about the situation and said that it was incongruous to grant amici status to movers. SEC further argued that XRP holders “were compelling the agency” to take legal action against the regulator. Moreover, SEC says it is unseemly because of the community’s bias.
Relatively, XRP, which is already one of the world’s biggest coins by Market Capitalization, is increasing in value as the case goes on. It had an increase of 3.11% in 24 hours, and 14.38% total in 7 days, according to CoinMarketCap data.
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