By Greg Thomson – March 15, 2021. (Cointelegraph).
XRP coin holders have attempted to insert themselves as third-party defendants in the United States Securities and Exchange Commission’s lawsuit against Ripple Labs.
A motion to intervene was filed by John Deaton of Deaton Law Firm on March 14 on behalf of over 6,000 XRP holders. Deaton — himself an XRP holder — argued that the interests of coin holders were not being adequately represented in the securities lawsuit against Ripple Labs and its executives.
Deaton’s argument builds upon the refutation of any securities violations by Ripple Labs. Specifically, if XRP is not a security, as Ripple executives Bradley Garlinghouse and Christian Larsen claim, then the efforts of said executives have no bearing on the performance of XRP.