SEC blocks XRP traders from helping Ripple 2022

The SEC has petitioned the court to block a notarized attempt by XRP holders. The case between the agency and Ripple continues, albeit with little media attention. In a new round, however, the commission asked the court to bar XRP holder and attorney John Deaton from interfering in the case.

XRP holders complain about lost profits

In documents submitted to the court by the agency, he asked the court not to allow more than 1,000 token and Deaton holders as amici curiae. The word is usually interpreted as a court friend, meaning those who fall into the category can help in any case. In this case, XRP holders and attorneys can provide courts with detailed guidance on material information and findings.

It should be noted that the information provided by the parties to the courts may help Ripple in this case. In a written statement that Deaton claims to have, more than 3,000 XRP holders say they lost profits due to a protracted legal battle between the company and the US Securities and Exchange Commission. In written statements, most of the traders mentioned that they intend to use the tokens for other utilities than investing.

Deaton questions SEC law enforcement

The new document claims that traders are trying to go beyond the legal framework. The agency also claims that the former head of the agency experienced threats from Deaton during his tenure. According to available evidence, Deaton allegedly confessed to hitting his former boss. Since merchants and lawyers continued to accept their friend status, they had to formally deal with the contradiction.

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There have since been accusations that the agency has so far acted inconsistently in enforcing the law. Deaton noted a few days ago that XRP is still being traded in circulation. He mentioned that the defendants were still allowed to sell the tokens they had. If the outcome of the case goes against Ripple, other tokens created with XRP in the same image will face the wrath of the law.