TL; DR breakdown
- XRP investors are filing a motion to intervene in the SEC Ripple lawsuit.
- Ripple Hodler, motivated by the success of the Ripple lawsuit.
XRP investors have taken the bull by the horns to intervene in the ongoing legal case between the Security and Exchange Commission (SEC) and Ripple, the developer of the controversial cryptocurrency XRP.
The XRP investors alleged in a motion filed on Monday that the regulators (SEC) failed to represent their interests and instead violated companies through their lawsuit against Ripple, in which regulators claim XRP is more of a security than an asset.
The petitioners (XRP investors) believe that the SEC puts investor property first, while their interest is the exact opposite of what they claim. Attorney John Deaton of Deaton Law filed the application on behalf of six XRP owners.
It is worth noting that investors believe that even Ripple does not represent the interests of the Crypto Hodlers in the lawsuit. In doing so, they must represent their interests in the matter.
They also believed that XRPL is completely independent of Ripple and its executives.
XRP investors inspired by Ripple’s success in court against SEC
After Ripple’s recent victory over the SEC in court, investors had the impetus to file their application. Ripple asked the court to dismiss the SEC lawsuit in full.
Although the lawsuit was not removed, the court granted Ripple many other claims in the lawsuit, such as the removal of some documents and the SEC settlement of BTC, ETH, to aid Ripple in defending its case.
Before that, however, the SEC had attempted to prevent investors from filing their application, stating that they wanted to do so in order to benefit from the coin. The authorities will give their dissenting opinion on the matter by Monday 3 May at the latest. Investors could also present their case to a judge.
Since the SEC took Ripple to court over the status of XRP, the entire Fracas has resulted in massive disaster for XRP and Ripple, although both are now recovering well from the initial crisis.