Disputes between crypto firms, Ripple Labs and the Securities and Exchanges Commission (SEC) are heating up when it was reported that as many as 6,000 XRP holders wanted to appear as defendants.
The intervention was proposed by John Deaton of Deaton Law Firm last Sunday, representing more than 6,000 XRP holders.
Deaton, who is also the XRP hodler, stressed that XRP investors are the real group affected by the legal dispute between the two parties.
Because of that, Deaton believes they have the right to voice their rights and their voices deserve to be heard and considered.
Clearly, Deaton focused on Ripple’s claim that there was no violation of the law as alleged by the SEC.
For example, if XRP is not a security as stated by CEOs Bradley Garlinghouse and Christian Larsen, this means that all the efforts of the two figures have nothing to do with XRP’s performance.
In the filing statement applied to judge Analisa Torres it was stated, “XRP holders cannot rely on Ripple’s efforts as protection of their interests. Therefore, intervention from XRP holders is needed. ”
Last Sunday on a crypto-law website, Deaton wrote a lengthy statement, emphasizing that as much as $ 15 billion in losses were incurred by XRP investors after the SEC issued a lawsuit to Ripple.
