XRP holders granted amici status in SEC v Ripple trial

The government and its agencies are there to protect the society and people who live in it. But we are all humans, and at some point the sweet taste of power overshadows the initial mission, and the American SEC might be in that place now.

Its lawsuit against Ripple is particularly ill-conceived: 8 years after the XRP coins were issued, the SEC decided they were unregistered securities and started pursuing Ripple Labs.

Not only this decision was not preceded by any clear public recommendation as to which crypto are considered securities, but the party that suffered the most from XRP price decline following the lawsuit were XRP investors – the very category of people whom the SEC was created to protect.

So in April, a Rhode Island lawyer John E. Deaton filed a Motion to Intervene on behalf of over 10’000 XRP holders “who suffered collateral damage” from the SEC’s lawsuit. This week the motion was declined, but the judge gave XRP holders the amici status, which allows them to assert their interests without intervening in the litigation.

It must be hard for the SEC to find a suitable reason for this lawsuit, now that investors can officially indicate their position.

Who is SEC protecting?  That should be the main question of the trial.

For more details on SEC v Ripple here: https://dcenter.substack.com/p/this-week-in-crypto-august-30-september