The United States Securities and Exchange Commission (SEC) failed to fulfill one more request in its long-running lawsuit with Ripple. The Commission recently requested that XRP holders be stripped of their Amici Curiae status. The request to remove the “Amicus curiae” status of 1,746 XRP holders, especially John E. Deaton, was rejected by the court.
SEC Failed to Revoke XRP Holders’ Status
Recently, the SEC requested the court to revoke the amici curiae status of XRP holders after Deaton provided information to target SEC expert Patrick B. Doody.
In its appeal to XRP holders, the Commission underlined that they are trying to fulfill their duties outside of legal issues.
XRP – What Is The Ripple Case?
For the Ripple lawsuit, Ripple cryptocurrency officials were sued by the SEC for violating securities trading laws and failing to declare securities. While the lawsuit filed for $1.3 billion in damages, it was claimed that Ripple had been collecting funds since 2013 by selling off the record to investors in the US and around the world, digital assets known as XRP. In other words, according to the allegations, Ripple pays for the services it receives from people with XRP, which is digital instead of traditional currency. This was also a crime for the SEC. However, according to Ripple, this was only about product sales.
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