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XRP investors want to testify against SEC, SEC files objection

 


The American Securities and Exchange Commission (SEC) wants to prevent investors in the cryptocurrency XRP from helping its publisher Ripple in a legal dispute with the authority.


As the SEC 's official objection from this week shows, the Securities and Exchange Commission is resisting the fact that 1,746 XRP investors are being heard in the case together with attorney John E. Deaton as so-called "Amici Curiae".


In the American legal system, amici curiae are a kind of "competent third parties" who can supplement a court proceeding with relevant information. In doing so, they do not assume the function of classic experts and are therefore allowed to be biased.


Attorney Deaton has collected the statements of 3,252 XRP investors who claim to have become victims themselves of the SEC's indictment against Ripple, because the proceedings have noticeably depressed the price of the cryptocurrency.


In their applications, investors argue that by purchasing the cryptocurrency they have no legal claim against Ripple and that they have not bought XRP for the sole purpose of profit. Accordingly, it should not be classified as a security.


However, the stock exchange supervisory authority is of the opinion that the investors are not referring to the actual legal issues of the procedure and therefore objects to their hearing:


“The applicants do not aim to comment on the legal subject. Instead, they want to bring in 3,252 statements of other facts.”

XRP investors and Deaton will need to formulate a response to the SEC's objection in the coming days, before a decision can then be made on their approval. The requests to speak could be important, because the process is about the fundamental question of whether the Ripple cryptocurrency should be classified as a security. A question that could be groundbreaking for the entire crypto industry.

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