XRP Holders Can Take Part in the Suit as “Amici”

by in Cryptocurrency News

SEC vs Ripple judge decision

The SEC against Ripple lawsuit continues. On October 4, U.S. District Judge Analisa Torres announced that XRP token holders can’t take part in the suit as defendants. At any rate, they can assist as amicus curiae, a friend of the court to provide their opinions on legal questions.

Related: Ripple to Start $250 Million Fund for NFTs

Token owners turned to the court for participating in the case as de facto defendants to protect their interests. The judge noted that participants’ joining the suit would mean that the SEC should carry out legal actions against them as well. Besides, that would prolong the case.

Ripple’s lawyer Andrew Ceresney, said that their side is content with the decision as it allows the community to express their views.

The legal process started at the end of December last year, when the SEC submitted a claim against Ripple in regard to selling unlisted securities.

At the same time, the price of XRP went up by around 16% in the last 7 days and now stands at around $1.07. The coin is the 6th largest cryptocurrency, with its market cap above $50.2 billion.