Undoubtedly the lawsuits that affect the image of a business or institution tend to lose their integrity and eventually damage the trust of its customers and investors. Is Ripple to face the same?
Since the lawsuit between the United States Security and Exchange Commission and fintech firm Ripple Labs had begun, it ended up putting XRP holders and investors in the whirl. Whenever the lawsuit makes any progress, it directly or indirectly affects the XRP investors. Apparently, after looking at the recent developments that were made in the case of the American regulator getting under pressure against the Ripple network, the investors turned impatient. It comes as no surprise considering the volatility and dynamics of the crypto space.
Considering the issue’s significance, a letter has been filed by John E. Deaton, who has become Counsel for ‘Amici Curiae’, bringing a friendly advisor for the case to the Court. The letter asked to consider the XRP holders’ views to United District Judge Analisa Torres. The motion letter that John Deaton filed asked the district judge to give him permission to write a brief on 67,300 affected XRP holders’ behalf.
This move is supposed to follow along with the testimony from Patrick B. Doody, an expert SEC witness, who gave a specific report on reasonable information on which XRP holders were relied upon at the time of purchasing or trading the token. About this development, Popular Attorney James Filan first stated in his tweet that Amici, John E. Deaton requested permission to file a brief report regarding the SEC export who claimed that he knew the motivation of XRP holders while purchasing XRP tokens. Along with this, Deaton also asked for access to reports of the experts and written testimony.
Therefore John Deaton is now representing 67 thousand XRP holders who would provide a meaningful perspective to the Court. It would make the entire presentation in front of the jury in a plenary presentation regarding the issue to help the Court reach a fair and correct conclusion.
Now it’s quite clear that such assistance would be beneficial for a briefing on eliminating some claims. However, the Court has caution to request or even deny any further applications as the appropriate one. In such a scenario, whatever the case, optimism is high considering the permission last time.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.