6000 Xrp Owners as Third Party Defendants During the Trial

by in Cryptocurrency News

XRP holders as defendants

Holders of the XRP cryptocurrency want to take part in the lawsuit that the SEC started against Ripple.

Related: Ripple Settled the Lawsuit Filed Against YouTube Last Year

Particularly, on March 14 John Deaton of Deaton Law Firm issued a paper representing more than 6000 XRP holders who are willing to act as defendants. Managing partner of the FirmJohn Deaton owns XRP himself. He states that in the ongoing case, authorities didn't consider the interests of the asset owners.

Deaton writes that after the legal proceedings began, XRP holders lost around $15B within a few days. After two weeks the rate of the cryptocurrency fell by 76% going down to $0.18 from $0.76. So, the XRP owners want to have their say as irrelative defendants.

Earlier, in January, Deaton, on behalf of XRP possessors applied to the SEC with the request to separate the XRP sales performed by Ripple leads from the trades performed by individuals on various shopping platforms.

The filing was dismissed then. It remains to wait and see if the judge approves the motion this time or no.