Saturday, July 20, 2024

The application of XRP holders to join the SEC against Ripple case as defendants was denied by the judge.

The SEC has been at loggerheads with many big cryptocurrencies for some time now. In some cases, their decisions have been in favor of the currency and, in others, staunchly against it.

This new stand against the XRP holders came as a surprise and not many were expecting it. On Monday, Judge Torres ruled that the people who have XRP’s token cannot be defendants in the ongoing lawsuit.

She added that if they were defendants, the SEC would have to enforce an action against them, which would delay the case. However, she said that the token holders could be “amicus curiae” and advise on the case but not take part in the litigation.

XRP’s legal counsel is content with the action as it allows the token holders to put forward their views without being haunted by a legal body. They will be able to freely say what they want in court without the consequences of legal action.

This will bolster XRP’s stance and make SEC reconsider its stance on cryptocurrencies in general. With the SEC already allowing Coinbase to roll out their new feature, there is a high chance that XRP will have no problems in the future.

With the growing acceptance of crypto even amongst finance regulators, it is the best time to invest in it. Most of these coins will see an exponential rise in early 2022 and will peak by then. After that happens, they will be inaccessible to most and out of the common man’s reach.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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