The XRP community has filed a new motion to intervene in the ongoing court duel between blockchain payment company Ripple Labs Inc and the US Securities and Exchange (SEC).
The motion, contained in a Memorandum of Law, listing Jordan Deaton, James Lamonte, four other proposed interveners, and all of the XRP owners, outlined a number of relevant facts that made the lawsuit appear a witch hunt.
Neither Ripple nor the SEC act in favor of the XRP community
The SEC launched the lawsuit alleging XRP was a security, accusing Brad Garlinghouse, CEO of Ripple, and Chris Larsen, the company’s co-founder, of selling the cryptocurrency without properly registering it as equity.
While the ensuing litigation raises many irregularities on the part of the SEC that favor the blockchain firm, the memorandum of law that was filed indicated that several government agencies recognize XRP as a currency and that neither the SEC nor the defendants represent the interests of the XRP community .
The damn lawsuit has been cited as a stumbling block for XRP developers, investors, and companies who rely on it for being removed from the top exchanges.
“Many of these developers, individuals and small businesses have been slowed down or stopped because of claims that today’s XRP is itself an investment contract and therefore a security,” the file said. The interveners are ready to prove that XRP “has” the greatest benefit of all Cryptocurrencies. ”
The ongoing Ripple SEC showdown has faced many anomalies, such as the inadequate reliance on information gathering as claimed by the blockchain payment company. While the SEC has until May 3 to respond to this request from Deaton and Co. pending a decision by Federal Judge Analisa Torres on May 17, there is speculation in the cryptocurrency ecosystem that new chairman Gary Gensler will die Could withdraw lawsuit.
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