- The SEC asked Judge Torres to revoke XRP Holder’s amici status last week.
- In addition, the SEC wants to bar John Deaton from further proceedings.
- Judge Torres denied the motion of SEC earlier today.
The United States Securities and Exchange Commission (SEC) sent a letter last week to Judge Analisa Torres, one of the US District Judges who conducts court proceedings of SEC vs Ripple lawsuit, asking to revoke amici status granted to XRP Holders and to bar John Deaton from further proceedings. Earlier today, defense attorney James Fillan tweeted Judge Torres denies the said SEC’s motion.
Deaton, the attorney representing over 67,000 XRP holders affected by the SEC vs Ripple lawsuit, showed his appreciation with the two judges handling the lawsuit by saying they have been fair and neutral.
A day before SEC filed the motion denied, the defendants of Ripple filed a request letter to participate in the expert challenge, a report available to judges and experts to track legal challenges to an expert’s testimony.
According to the document signed by Judge Torres, amici can’t participate in expert challenges now. However, they could file an application to brief concerns with the SEC’s expert at summary judgement.
The SEC filed a lawsuit in late 2019 against Ripple, a blockchain-based payment protocol that processes international money transfers. According to the lawsuit, Ripple conducted an unregistered securities offering through sales of XRP. However, Ripple showed pieces of evidence that the crypto regulation from the SEC was inconsistent.
At the present time, the Ripple lawsuit was still ongoing. John Deaton said without settlement, the best case scenario for a ruling is in late August and worst case is in December.
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