Judge Analisa Torres has objected to the intervention of Ripple supporters in court. Earlier, Ripple’s lawyers had asked the court to allow investors of this digital currency to appear in court and the litigation process.
to the the report Coin Telegraph, XRP token holders’ attempt to appear in court as a third-party lawyer in the case of the US Securities and Exchange Commission against Ripple has probably been stopped.
According to court documents, Federal Judge Analisa Torres rejected a petition representing more than 6,000 XRP holders. The reason for rejecting the request of the XRP token holders (in this case, the XRP Army) in the lawsuit against Ripple and its executives was that the deputies did not reach the quorum.
Judge Torres rejected the request “without prejudice.” This means that lawyers representing XRP investors can appeal in the future. The case also included a letter to the Securities and Exchange Commission giving them a chance to respond.
Under court law, the Securities and Exchange Commission has three working days to respond to such a request, but it can also request that the request be delayed until March 22 (April 2, 1400). It is unclear whether this extension (if granted) will allow any legal team representing XRP token holders to submit another application. With the court ruling, XRP investors may not be able to appear before the Ripple Securities and Exchange Commission.
John Deaton of Dayton Law Firm first filed a petition for XRP investors on Sunday, and later claimed on the company’s website that XRP holders had lost $ 15 billion in a stock exchange lawsuit against Ripple. Ripple traded down 60 percent in December from $ 0.58 to $ 0.21. At the time of writing, however, the price has reached $ 0.46.
It was in December of this year that the Securities and Exchange Commission’s expelled Brad Garlinghouse, CEO of Ripple, and Chris Larsen, co-founders of the company, as digital assets due to the sale of XRP and the continued supply of unregistered securities. Following the lawsuit, many digital currency exchanges announced that they were suspending XRP transactions or removing the token from their list. In addition, MoneyGram, a global money transfer company, has ended its long-standing partnership with Ripple.