XRP holders to have minimum presence in Ripple lawsuit

Sahana Kiran
Source – Unsplash

The SEC v. Ripple lawsuit has taken several twists and turns. As Ripple continues to stick to the fact that XRP isn’t a security, the SEC has been coming in strong suggesting otherwise. The crypto community awaits results as the case has been going on since 2020. While the Judge preceding the lawsuit intends to wrap it up by this year, the constant extensions pursued by the parties could push it to next year. The Securities and Exchange Commission [SEC] was the latest to seek an extension.

James Filan, a defense lawyer took to Twitter and revealed that the SEC had filed a motion for an extension until 7 June 2022. Citing the forthcoming holiday and several deadlines, the SEC put forth this plea.

The primary reason for this is mostly because it intends to file an objection to the Amicus Curiae plea put forward by the XRP holders.

Time and again, the presence of the XRP holders in the case is being contested. Even though the case is against Ripple, holders of the altcoin have been sorrowing. Fearing the repercussions of hoarding XRP, several exchanges have bid adieu to the altcoin following the announcement of the lawsuit. Back in 2020, when the entire market was amassing gains, the altcoin remained stagnant and even endured a plummet.

The latest objection, however, is likely to limit the presence of XRP holders in the case.

XRP Holders and their involvement in the case

Attorney John Deaton wanted to be a part of the case and represent thousands of XRP holders While his plea was denied, the court granted amici to six XRP holders. These individuals were required to aid the court in the ongoing case. However, the latest objection is speculated to get a green signal as the defendants were also okay with it.

The latest filing read,

“Defendants have informed the SEC that they have no objection to this extension request, as long as the SEC agrees that any response by Defendants would be due by Friday, June 10, 2022”

The XRP Army, however, was visibly enraged with this extension request. Several even took to Twitter and suggested that they had no respect for the Judge for approving so many extension pleas.

Deaton tried to calm the community and tweeted,