As the Ripple rages on, the SEC will see the ‘friends of the court’ in support of Ripple be barred from providing any legal aid for the defense.
The State Securities and the Exchange commission are together trying to block the Ripple, aka XRP holders, to prevent them from aiding the defense of the Ripple. The SEC is trying to prevent an attorney from taking part in any upcoming proceedings.
In the recent submission of the objection this Tuesday, the regulators opposed the decision that went against them. In this decision, it was declared that the XRP Holders, along with the attorney holding the currency, were valid and were recognized by the court. The number of these holders was shockingly high.
SEC Trying To Prevent The XRP Holders From Aiding the Ripple Defence
Deaton, the attorney in question, has more than 3252 affidavits signed by different XRP holders saying that they have become the victim of the situation as SEC files a lawsuit against Ripple. This way, they have been losing their profits.
Holders who have signed in these affidavits have claimed that they were not all aware of the legal responsibilities of purchasing the currency. They have also said that they were not buying the tokens for investments but for practical reasons. Neither did they buy these coins due to any promises done by the representatives according to the signed document.
The commission hearing the case cited the alleged threats against former SEC Chairman Clayton by the attorney E. Deaton. The XRP holders and the attorney had to submit a public reply to the objections raised by SEC on 25th July.
Ripple, the blockchain company, issues XRP tokens, and the SEC has filed a lawsuit against it, saying its executives sold these coins as