Altcoins Talks - Cryptocurrency Forum
Learning & News => News related to Crypto => Topic started by: waybesuricata on May 18, 2021, 08:58:27 PM
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The case being raised by XRP holders to present evidence is allegedly being blocked by the U.S. Securities and Exchange Commission (SEC) using “red herrings, personal attacks, and irrelevant case law to distract the court from XRP holders’ meritorious request for intervention.”
In a recently submitted memorandum of law in reply to Plaintiff, Securities and Exchange Commission’s opposition of Proposed Intervenors’ Motion to Intervene, XRP holders said that the existing parties do not adequately represent their interest.
The SEC has been in an ongoing battle with Ripple Labs since last December. Announcing on December 22 that they had filed an action against Ripple Labs and two of its executives, Brad Garlinghouse and Chris Larsen. This filing alleged that Ripple had conducted an unregistered securities offering of $1.3 billion.
Source and continuation of the article: https://beincrypto.com/sec-allegedly-using-all-means-possible-to-block-xrp-holders-from-presenting-evidence/
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This is quite expected for SEC to be doing their job of blocking any possible action that can hurt its case against Ripple. Now, being as it is, it is now up to the court to decide whether the motion by SEC is legit or not. This case can be a landmark and one that can have many legal repercussions with the cryptocurrency industry today and into the future, that is why this is really worth watching.