US District Judge Analisa Torres has denied a motion to let XRP (XRP/USD) holders intervene in the case that the US Securities Exchange Commission (SEC) filed against Ripple Labs and two of its executives.
In the same breath, Judge Torres allowed the XRP holders to be amici curiae, friends of the court. A report revealed this information earlier today, noting that six movants filed the motion hoping to intervene for all XRP holders.
According to an initial filing, the movants are Jordan Deaton, James Lamonte, Tyler Lamonte, Mya Lamonte, Mitchell McKenna, and Kristiana Warner. However, the SEC opposed their move to improperly force themselves into the lawsuit, saying they would be biased. Defendants also shared a similar view, proposing that the court should instead let them participate as amici curiae.
Explaining why the court decided to let the movants become friends of the court but deny their motion to intervene, Judge Torres said the latter would cause undue delays.
This position would let them offer opinions on specific legal matters in the case. Per the filing, the rationale for amicus curiae submissions is that they are of aid to the court and offer insights not available from the parties.
As such, the court only allows the movants to respond to issues that both parties present. This limitation prevents them from initiating, creating, or enlarging issues.
Additionally, their opinions should not address new issues. The court has also denied the movants the freedom to offer evidence or present witnesses.
A chance to share individual perspectives
With this opportunity, the movants can share unique information or perspectives that can assist the court beyond the point that the lawyers from both parties can.
This offers them a chance to help Ripple win the case, seeing as their interests align with those of Brad Garlinghouse and Chris Larsen, the Ripple executives embroiled in the lawsuit.
This news comes as the SEC’s case against Ripple continues holding the attention of attorneys in the crypto space, seeing as its outcome might set a precedent of how the watchdog should regulate the nascent sector.
While the SEC is going after projects like Ripple, claiming they issued unregistered securities, it has avoided Bitcoin (BTC/USD) and Ethereum (ETH/USD).
Meanwhile, XRP, the native token of Ripple, is consolidating gains after rising 14.43% over the past seven days. At the time of writing, XRP is changing hands at $1.06 after surging 2.77% in 24 hours.
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