However, the judge rejected a request to make XRP holders as defendants.
Judge in the case ripple The SEC authorized six XRP holders to participate in the lawsuit by placing a friend.
On Monday, US District Judge Annalisa Torres said that six individual XRP holders may be included in the case as a “friend of the court,” essentially allowing them to provide their opinion, experience and perspective on the case.
“The Court concludes that amici law strikes an appropriate balance between the possibility for the plaintiffs to assert their interest in this case and the possibility for the parties to retain control of the litigation.”And books the judge.
The group of six token holders will now give their opinion on the case, in which US financial regulator Ripple Labs and two of its top executives are accused of carrying out an illegal $1.3 billion token sale.
A lawyer representing XRP holders announce that “the list [des six] not general” and that any name and contact information relating to the individual will only be published with the consent of the relevant party.
Judge rejects XRP holders’ request to defend it
The judge’s ruling comes months after XRP holders filed an application to be notified in the case. The intervention proposal submitted in March indicated that the SEC’s action against Ripple also affected the interests of crypto investors, which means that they should also be listed as defendants.
In their argument, the XRP holders said that the SEC indictment against Ripple had an impact on the value of XRP in the market. This happened when several exchanges and cryptocurrency exchanges halted trading in the token after the complaint was filed in December.
If the judge allows token holders to be listed as “amicus curiae”, they unacceptable He asks them to become accused.
According to Judge Torres, making XRP holders appear as defendants would force the Securities and Exchange Commission to open a case against them. It will also affect the progress of the deal, possibly delaying it further at the expense of Ripple and XRP investors who want to see the deal close as quickly as possible.
XRP price has gained over 14% over the past week and is currently trading around $1.05.