Mon. Oct 3rd, 2022


A U.S. federal district court dismissed the U.S. Securities and Exchange Commission’s motion to revoke the “amici curiae” or “friends of the court” status granted to XRP holders in an order on Tuesday. 

See related article: SEC wins time to resist crucial document handover to Ripple in XRP lawsuit

Fast facts

  • In a letter to a judge last week, the SEC requested that the amici status granted to the opposition be revoked.
  • The SEC sued Ripple in December 2020, alleging that the firm sold unregistered securities since its native token XRP qualified as a security, which Ripple has consistently denied. 
  • The SEC also asked that John Deaton, an attorney representing XRP holders, be barred from further participation in the case. 
  • Deaton wrote on Twitter, “The #XRPCommunity needs to continue to appreciate and respect the two judges assigned to this case. Judge Netburn has been neutral and fair to both sides during discovery. Judge Torres’ decision is extremely fair and just (even though she technically denied my immediate motion).”
  • On Wednesday, the SEC filed objections to the July 12 ruling, which dismissed the SEC’s appeal for the protection from disclosure of former director William Hinman’s speeches, which Ripple claims can establish XRP is not a security. 
  • In the July 12 ruling, the judge chastised the SEC for its “hypocrisy” and for unnecessarily complicating the Ripple case. 

See related article: Ripple responds to SEC motion to strike its fair notice defense





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