By John E. Deaton, Founder and Host of CryptoLaw.
Today I filed a pre-motion letter to Judge Analisa Torres to share the reasons why we are asking to intervene in the SEC v. Ripple case. Among other topics, the letter addresses why we should be allowed to intervene in the case and establish our interests in its ultimate result.
Allowing us to intervene is appropriate because neither party in the case currently represents the holders and users of XRP. A key aspect of Ripple’s defense will be to demonstrate that they have no duty or obligation to XRP holders, and given the SEC’s actions thus far, we can’t expect it to even consider the interests of XRP holders.
However, whether we like it or not, we have been impacted by this SEC lawsuit and will certainly be impacted by the ultimate result.
If allowed to intervene, among critical interests, we will demonstrate that XRP is a government-recognized currency that is completely independent of Ripple. We will show how XRP is being used in the U.S. and around the world as a currency.
For example, six years ago, the Financial Crimes Enforcement Network (“FinCEN”) entered into an agreement with Ripple that XRP would be considered a virtual currency and its use would be registered exclusively with FinCEN, not the SEC. Afterwards, foreign nations started agreeing with the U.S. government’s 2015 currency classification of XRP, and Japan, Switzerland, the U.K. and the UAE have all declared XRP is not a security. Since that 2015 designation as virtual currency, the use cases of XRP have exploded.
The number of XRP holders joining this effort is now over 10,000 and growing. We are determined to tell our story.
See the full pre-motion letter, posted to the CryptoLaw Document Library here.
If you are an XRP holder who wants to join in legal actions related to this case, fill out this form with the Deaton Law Firm here.