The lawsuit in question, W. J. Howey Co. v. Dwyer, was filed in federal court in California last year. It seeks to have Ripple’s XRP tokens deemed securities. The lawsuit was filed last March by plaintiff W. J. Howey Company LLC, which is represented by the law firm of Robbins Geller Rudman & Dowd. The company alleges that XRP is a security, and that Ripple violated U.S. Securities Act of 1933 by offering it to the general public.
The US Securities and Exchange Commission (SEC) has once again opposed the motion of intervention filed by Ripple to stop the case against them, stating the XRP holders are too much partial and are not capable of representing Ripple’s interests in the case. Pinterest
The SEC has again opposed intervention of XRP holders in the case, this time saying that they are too partial to be able to judge the matter. The case is about a possible violation of Reg D and ongoing fraud by Ripple. The SEC is not convinced that Ripple is not behind some of the sell-offs that are intended to crash the price of XRP. The SEC states that XRP investors are too partial to be able to make an unbiased judgment on the matter.. Read more about xrp news sec case and let us know what you think.The US Securities and Exchange Commission has filed a new counter-claim, this time against XRP holders’ interference in Ripple. The US Securities and Exchange Commission is trying to dissuade XRP holders from joining a lawsuit against Ripple, saying none of the individual investors in the secondary market have been charged.
The SEC also argues that the petitioners improperly sought to expand the scope of the Ripple case, even though the agency had previously stated that it needed to take enforcement action against them as a result of the intervention. John Deaton, the plaintiff’s lawyer, is also accused of attacking the SEC. In openly attacking the SEC and its staff, Petitioner’s attorney uses profanity and refers to physical violence. In its initial response, the SEC cited two instances in which Deaton used references to physical abuse. For example, Deaton tweeted on the 12th. March 2021 in response to the discovery dispute in this case. He also posted a video on March 3, 2021, which he describes as a simulated cross-examination of President Clayton, in which he makes a series of inflammatory remarks, including about alleged drug use. They cannot act as amici curiae (friends of the court) because, according to the agency, they are too partisan and their interests overlap with those of the defendants. The moving parties are trying to convince the SEC to take a stand against individual XRP investors in the secondary market. Also, because the movers are not parties to the lawsuit, the SEC argues that exchanges that have banned trading in XRP or delisted the coin cannot help you. The SEC argues that the petitioners have not made any new arguments on the merits. Instead, they copied those that had already been created by Ripple. Petitioners portray Deaton as an unrepentant conspiracy theorist and allege that the SEC is attacking Envoy. It is sad and appalling that the SEC used the above scenario to suggest that attorney Deaton would promote violence or drug use. The XRP holders also claim that they have a cognizable interest in the lawsuit, but that Ripple is not properly representing them.The United States Securities and Exchange Commission (SEC) has again moved to oppose a motion for intervention by holders of XRP tokens (Ripple), who argue they are “too partial” to the case.. Read more about xrp judge utility and let us know what you think.
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