Attorney and Ripple (XRP) fan John E. Deaton filed a petition for “a motion to intervene” in court a few weeks ago over the lawsuit between the Securities and Exchange Commission (SEC) and Ripple.
Ripple is being sued in this case by the SEC for the illegal sale of securities with XRP. In the case, Deaton wants to defend the interests of XRP holders, who are disadvantaged by the current case. At first, the request was denied, but Deaton retained the option to try again.
He did this last week, and on March 29 the judge approved his request. Keep in mind that the request for a motion to intervene has been approved, not the motion itself. Deaton will have until April 19 to file his motion. Subsequently, the plaintiff and the defendant are given the opportunity to submit their additions until May 3 and their responses until May 17.
The SEC and Ripple filed their responses to the request on March 26. The SEC believed that such intervention in the case will “create an avalanche of claims” and thereby bring “unnecessary delay, complexity and confusion” to the lawsuit.
Just yesterday, Deaton claimed that the SEC’s letter is “the most misleading letter I’ve ever read filed in a court of law.” The SEC says the biggest motivator for the motion to intervene is to make a profit. By listing XRP on stock exchanges again, the XRP could possibly be sold at higher prices. Deaton denies that this is his intention.
The infamous “XRP Army” immediately hailed the news as a victory, but this is only a very small step for now. The case will eventually turn to whether XRP is labeled a security under US law. Either way, if this happens, it will be a major blow to the company and the XRP cryptocurrency.