The SEC‘s request to revoke the amici status of XRP holders has been denied by Magistrate Judge Sarah Netburn and therefore came as a hit to the agency.
The amici curiae status was gotten by Ripple via the attempt of a group of XRP holders led by the attorney John Deaton in 2021 March.
The amici status allows the XRP holders to file “friends of the court” briefs
On October 4th, 2021, the movants were permitted by the court to act as “amici curiae and brief legal irrelevant to the case as approved by the court”.
As stated by the ruling, the court will not benefit from the movants’ assistance in analyzing the qualifications of U.S. securities and Exchange commission’s experts
Ripple Executives Reacted To The Rep. Sherman’s Comments
The issue between SEC and Ripple started in December 2020. It is all because of the initiation of an unregistered securities offering in the united states.
Since then Ripple has never conceded to SEC, it has been taking its stand over the comment of the SEC, tagging the Ripple native token, XRP “a security”. Despite the recalcitrance mindset of Ripple, US-based exchanges still discontinue their support for the Ripple token.
A few hours, the Ripple executives reacted to the comments made on Tuesday by Brad Sherman, D-California, where he said the SEC should still go after the crypto exchanges transacting the Ripple token, XRP.