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The U.S. Securities and Exchange Commission (SEC) has requested the court to revoke the amici curiae status granted to XRP holders. If approved, XRP holders may no longer be able to contribute to Ripple's legal battle with the regulatory agency.
Ripple-SEC Case Gets New Drama
On Wednesday, defense attorney James Filan shared an SEC motion requesting the courts to revoke the Amici status granted to XRP holders.
"The SEC, in a heavily redacted letter alleging threats against an expert, asks Judge Torres to revoke amici status granted to XRP Holders and to bar John Deaton from any further participation in the case," Filian wrote in its tweet.
https://twitter.com/FilanLaw/status/1549516095006048259 Led by attorney John Deaton, a group of XRP holders filed a motion to intervene in the case in March 2021. Although the court rejected their attempt to insert themselves into the case last October, they did manage to obtain amici status. XRP holders thus were able to file "friends of the court" briefs. In May, Deaton asked the court to file an amicus brief regarding the opinions of Patrick B. Doody, the SEC expert who testified to the court on what XRP holders considered when buying the token. However, the SEC believes that the movants' proposed brief would simply "duplicate" the defendants' efforts. At the time of writing, the XRP is trading at $0.38, up 7.1% in the last 24 hours and 21.6% in the past seven days.