US Court Rejects SEC’s Attempt to Block XRP Holders’ Motion to Intervene in Ripple Lawsuit

In the SEC v. Ripple lawsuit, the court has rejected the SEC’s attempt to block XRP holders’ Motion to Intervene and has set submission deadlines for the motion to be filed as well as for responses from the SEC and Ripple.

Judge Dismissed SEC’s Attempt to Stop XRP Holders From Intervening in Ripple Lawsuit

In the U.S. Securities and Exchange Commission (SEC) v. Ripple Labs case, the district court of the Southern District of New York “has reviewed the parties’ and proposed intervenors’ letters dated March 19 and 26, 2021,” according to the court document filed Monday.

The SEC filed a lawsuit against Ripple Labs Inc., CEO Brad Garlinghouse, and co-founder Christian Larsen in December, charging them with conducting a $1.3 billion unregistered XRP securities offering. On March 19, Deaton Law Firm wrote a letter to District Judge Analisa Torres on behalf of XRP holders, as proposed intervenors. It was signed by over 10,000 XRP holders at the time of filing. The SEC responded on March 26, attempting to convince Judge Torres to deny the Motion to Intervene.

The Monday court order, signed by Judge Torres, is in favor of XRP holders, stating:

The proposed intervenors’ request for leave to file a Motion to Intervene is granted.

The order further states that “the proposed investors shall file their Motion to Intervene” by April 19.

In addition, the SEC shall file its opposition papers and the defendants shall file their response papers, if any, by May 3. Lastly, the proposed intervenors shall file their reply to the SEC’s opposition papers and defendants’ response papers, and the SEC shall file a reply to the defendants’ response papers by May 17.

if (!window.GrowJs) (function () var s = document.createElement('script'); s.async = true; s.type = 'text/javascript'; s.src = 'https://bitcoinads.growadvertising.com/adserve/app'; var n = document.getElementsByTagName("script")[0]; n.parentNode.insertBefore(s, n); ()); var GrowJs = GrowJs || ; GrowJs.ads = GrowJs.ads || []; GrowJs.ads.push( node: document.currentScript.parentElement, handler: function (node) var banner = GrowJs.createBanner(node, 31, [300, 250], null, []); GrowJs.showBanner(banner.index); );

Deaton Law Firm confirmed on Twitter that the SEC is “defeated in [its] attempt to block XRP holders’ Motion to Intervene,” as Judge Torres has granted a request from its founder John Deaton “to submit Motion to Intervene on behalf of XRP holders.” Clarifying that “The judge has not granted the motion,” the firm emphasized:

She has rejected the SEC’s arguments that XRP holders be denied the opportunity to submit it.

What do you think about this court order in favor of XRP holders? Let us know in the comments section below.

Comments

Research Shows Centralized Exchanges Saw the Most Visits This Year From Americans, Koreans, Russians

http://motleybloggers.com/wp-content/uploads/2022/12/research-shows-centralized-exchanges-saw-the-most-visits-this-year-from-americans-koreans-russians.jpg Residents of the United States, South Korea and the Russian Federation have been the most frequent users of centralized exchanges this year, according to a new study. The finding comes after the spectacular crash of FTX, one of the largest such platforms, amid tightening regulations and fewer new users. U.S. Leads by Number of CEX Users, Turkey and Japan Are Also in the Top in Terms of Traffic The U.S., South Korea and Russia together account for 22% of all visits to centralized exchanges (CEX) for cryptocurrencies, according to the 2022-2023 “Global Crypto Industry Overview and Trends” annual report produced by Huobi Research. The estimate is based on data from the top 100 CEXs on active users, trading depth, trading volume, and reliability. With a share exceeding 9%, the United States is the pronounced leader in terms...

Kevin O’Leary Tells US Lawmakers FTX Failed Because Binance Intentionally Killed It

http://motleybloggers.com/wp-content/uploads/2022/12/kevin-oleary-tells-us-lawmakers-ftx-failed-because-binance-intentionally-killed-it.jpg Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has told U.S. Congress that he believes the collapsed crypto exchange FTX failed because rival Binance intentionally put it out of business. He said former FTX CEO Sam Bankman-Fried (SBF) told him that Binance, which owned a 20% equity stake in FTX, refused to comply with regulators’ requests whenever FTX applied for a license in different jurisdictions. Kevin O’Leary Shares Why He Thinks FTX Failed With U.S. Senators Shark Tank star Kevin O’Leary shared why he thinks crypto exchange FTX collapsed in a congressional hearing, titled “Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers,” before the Senate Committee on Banking, Housing, and Urban Affairs on Wednesday. Senator Pat Toomey (R-PA) asked O’Leary, “Why do you believe FTX failed?...

Biggest Movers: AVAX Hits 1-Week High, as LTC Also Climbs Following US Inflation Data

http://motleybloggers.com/wp-content/uploads/2022/12/biggest-movers-avax-hits-1-week-high-as-ltc-also-climbs-following-us-inflation-data.jpg Avalanche rose to a one-week high on Tuesday, as markets reacted to the latest inflation report in the United States. Consumer prices rose to 7.1% in November, which was lower than the 7.3% markets had expected. The figure was also 0.6% lower than October’s reading of 7.7%. Litecoin also rebounded on the data, rising by over 6%. Avalanche (AVAX) Avalanche (AVAX) was a notable gainer on Tuesday, as prices surged following the release of U.S. inflation figures. November’s consumer price index (CPI) came in at 7.1%, which was lower than the 7.3% traders were expecting. As a result, AVAX/USD rallied to an intraday high of $14.09, which saw prices up by nearly 10%. AVAX/USD – Daily Chart Today’s rise saw avalanche hit its strongest point since December 5, which was the last time the token was trading above its ceiling at $13.75....

motleybloggers

Search This Blog