• XRP holders can now file a motion to intervene in the ongoing case between the Securities & Exchange Commission and Ripple Labs.
  • According to Judge Analisa Torres's ruling, the motion to intervene must be filed no later than April 19.
  • The SEC will then be able to file its opposition letters.

XRP holders are now claiming victory as attorney John Deaton has been allowed to file a motion to intervene in the ongoing case between the Securities & Exchange Commission (SEC) and Ripple Labs.

Permission to file a motion to intervene 

According to the court order, Deaton was granted permission to file a motion to intervene in the case on behalf of XRP holders by Judge Analisa Torres. A motion to intervene must be filed no later than April 19, according to the ruling by Judge Torres. The SEC will then be able to file its opposition papers by May 3. The court order stated:

By May 17, 2021, the proposed intervenors shall file their reply to Plaintiff’s opposition papers and Defendants’ response papers, if any, and Plaintiff shall file a reply to Defendants’ response papers if any.

XRP holders previously claimed that their interests are not being adequately represented in the SEC's ongoing case against Ripple Labs and have sought to intervene with an initial filing. However, Deaton’s letter, initially representing 6,000 XRP holders to intervene in the lawsuit, was denied in mid-March.

Attorney Deaton did not give up and refiled the motion, representing 10,000 XRP holders the second time. An XRP holder himself, Deaton noted that the SEC’s action has resulted in the decline of the cryptocurrency’s value by over $15 billion.

The SEC urged the court on March 26 to prevent XRP holders from intervening in the case. The securities regulator put forward the argument that allowing XRP holders to intervene in the case would cause an “avalanche” of claims, as well as “complexity and confusion.”

Setting the record straight

The SEC’s vague claims against Ripple have rather ignited a remark made by one of the agency’s attorneys, indirectly indicating that cryptocurrency exchanges could relist XRP without violating any laws.

While urging the court to deny the motion to intervene, the SEC stated that reinstating “speculative trading” of XRP at crypto exchanges could play into Deaton’s intention of doubling the price of the digital asset. The regulatory agency cited a previous FXStreet article, saying:

As Movant Deaton has stated elsewhere, the purpose of re-listing appears to be so that XRP’s price could double.

Stating that he does not talk about the XRP price, Deaton clarified that SEC attorney Tenreiro is “clearly trying to make me look bad by claiming that my motivation in seeking to intervene is for profit-taking.”

Deaton only commented on the likelihood of whether the SEC would give the green light for exchanges to relist XRP, especially since its price could double, enabling Ripple Labs to have twice the money to go forward with the case. 

The SEC’s letter to Judge Torres objecting to the motion to intervene is one of the most misleading letters he has ever read, he added.

Attorney Deaton plans to dispute the SEC’s argument that XRP does not have any utility by gathering businesses, developers and entities that use XRP operationally. 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Crypto Week survives scare as House members scramble to advance procedural motion in a 217–212 vote

Crypto Week survives scare as House members scramble to advance procedural motion in a 217–212 vote

House Republicans scrambled to win over holdouts on Wednesday to pass a procedural motion for several crypto bills by a vote of 217–212. The longest House vote in history, which lasted nearly ten hours, will see the GENIUS and CLARITY bills head to the floor for final passage deliberations on Thursday.

Chainlink stabilizes as Westpac and Imperium Markets adopt LINK in Project Acacia

Chainlink stabilizes as Westpac and Imperium Markets adopt LINK in Project Acacia

Chainlink (LINK) price is stabilizing at around $16.47 on Thursday after rallying 5% so far this week. LINK announced on Thursday that major institutions, including Westpac Institutional Bank and Imperium Markets, will integrate Chainlink in Project Acacia, thereby boosting institutional use cases.

Top Crypto Gainers: Solana-based meme coins FLOKI, BONK post double-digit gains, CRV targets $1

Top Crypto Gainers: Solana-based meme coins FLOKI, BONK post double-digit gains, CRV targets $1

Solana-based meme coins Floki (FLOKI) and Bonk (BONK) edged lower by 2% at press time on Thursday, following the 30% gains on Wednesday, ranking as top crypto gainers in the last 24 hours. Curve DAO (CRV) ranks third with a 21% surge following a triangle setup breakout, targeting the $1 psychological level.

TRX rises 3% as SRM Entertainment rebrands to Tron Inc

TRX rises 3% as SRM Entertainment rebrands to Tron Inc

TRON (TRX) gained 3% on Wednesday following Nasdaq-listed SRM Entertainment's (SRM) announcement of its rebrand to Tron Inc. as part of its shift to a TRX treasury strategy.

Bitcoin: BTC hits new all-time high and enters price discovery mode

Bitcoin: BTC hits new all-time high and enters price discovery mode

Bitcoin price prints a new all-time high near $118,900 on Friday, entering uncharted territory as bullish momentum accelerates. The surge in BTC was supported by rising corporate and institutional demand, with spot Bitcoin ETFs recording a total of $1.69 billion this week as of Thursday. 

The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

BTC

ETH

XRP