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According to a Forbes report, some legal experts believe that the agency (SEC) has failed in its case against Ripple’s XRP. Thousands of XRP trading holders were involved in the case and this is very important.
Although they were not allowed to be named as Ripple’s defendants, the judge agreed to submit amicus briefs so that their views could be heard.
A Forbes report read, “The ruling could limit the SEC’s ability to regulate crypto in the United States. If it ends up like this, it’s your own disaster from the start.”
Forbes also quoted Stuart Alderoty, Ripple’s general counsel, who revealed in a recent interview that the company is ready to make a decision if the SEC decides that XRP is not a security.
“If the SEC is clear that Ripple purchases and distributions of XRP trading and XRP in the secondary market are not securities, if they agree, the case will be resolved quickly, there will be no choice. continue to defend the case.”
Attorney John Deaton responded to the announcement by confirming that he will file an amicus brief later today on behalf of more than 75,000 XRP holders.
“I can tell you it’s not going to get any better for @GaryGensler later today,” XRPHolders said. he said.
According to the same report, 75,000 XRP holders participated in the case under the leadership of lawyer John Deaton, and more than three thousand of them gave affidavits to Ripple’s defense team.
In December 2020, the SEC brought this case against Ripple and its owners, claiming that the XRP token associated with Ripple is an unregistered security.
The cryptocurrency has been considered a security since 2013 and billions of XRP were sold on the secondary market in the seven years prior to the judgment that it was also a currency.
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