The regulator body that officially regulates the digital asset market, SEC, had gone on to file a case against a crypto exchange called Ripple. The case was filed because SEC felt, that the cryptocurrency exchange has been conducting some kind of malpractices. But the XRP holders of Ripple also went on to file motion and tried intervening in the case. The motion was denied by the court but, they were successful in achieving amici status.
What is Amici Status? Let’s find out.
From a layman’s point of view, an Amicus is typically “Friend of the Court.” Amicus is typically related to a phrase called Amicus Curiae, where in Amicus is either an organization or an individual. The Amicus is in no way connected to the case, but is called by the court to give its advise on the subject matter.
SEC’s pleas to deny Amici Status to Ripple.
According to the reports, it is come to notice that, the regulatory body has plead in the court for dismissing the amici status, for the XRP holders of Ripple. SEC also listed out five reasons in its plea. SEC also plead at the court to bar the further participation of John Deaton, XRP holder’s representative.
The FED denies the plea of SEC straight away.
As the regulatory body went on to make a plea at the court to remove the amici status for XRP holders, the court straight away dismissed the plea set up by SEC and went on to dismiss the motion which was set for preventing the participation of John Deaton.
As the court made its judgement, the case did move in the favor of the crypto exchange company. The judge also went on to coin SEC as “Hypocrites” for calling infamous Hinman’s speech personal as they were also seeking protection from its disclosure.
Ripple CEO’s comments.
The CEO of Ripple was heard saying last week that, the crypto exchange has already spent around a 100 million dollars on the case and has pretty enough funds to fight the case, till the correct decision is made by the court.
Though the case is taking a lot of turns and it can be noted that, the latest decision by the court has certainly come in favor of the company, which will surely boost the confidence of the company and CEO as well to fight SEC and win the lawsuit.