Attorney John E. Deaton has filed another “motion to intervene” with the New York District Court. He wants to join the lawsuit between Ripple (XRP) and the US Securities and Exchange Commission.
In the lawsuit, Deaton wants to defend the interests of XRP holders who, according to the lawyer, are being prejudiced by the SEC. Ripple is accused by the SEC in the case of the illegal sale of securities with the XRP cryptocurrency.
Deaton tried to join a month ago, but his motion was initially rejected. He then filed a request with the court to try again and it was approved. Today was the deadline for a new motion and Deaton was just in time.
In an explanation on his website, Crypto-Law.us, Deaton claims that the SEC is after everyone connected to XRP. The SEC, on the other hand, says it’s only about Ripple. Deaton also says the lawsuit has already resulted in massive damage, but the XRP rate is currently higher than it has been in years.
When we asked the court to hear our voices, the SEC scoffed and insulted us in their formal response, saying that all of us suffered collateral damage from their ill-conceived lawsuit should remain silent. ”
Said Deaton. He also claims that if the SEC is successful, it will go after the entire crypto market, but that seems very unlikely. Also, nowhere in his blog article or motion is there anything to be found about the centralization of Ripple and XRP versus other crypto that underpins the lawsuit.
The SEC has until May 3 to file a response and the judge has until May 17 to make a decision on the motion. Ripple lawyers also recently filed a document with the court. Former Ripple CTO Jed McCaleb, meanwhile, happily continues to dump massive amounts of XRP.