The litigation between the US Securities and Exchange Commission (SEC) and the San Francisco-based blockchain company Ripple took a new turn. The regulator’s motion to revoke the amici curiae status granted to XRP holders was dismissed by Federal District Judge Analisa Torres.
According to the defense lawyer James K. Filan, the motion to prevent attorney John Deaton from further proceedings was also denied. His tweet regarding the same read,
“Amici can’t participate in expert challenge now but may file an application to brief concerns with SEC’s expert at summary judgment.”
In a heavily redacted letter to Judge Torres, the plaintiffs had requested to revoke the amici status granted to the opposition and bar any further participation of John Deaton, XRP holders’ representative in the case last week.
The SEC had then argued,
“Movants’ Motion should be denied, and, pursuant to the Court’s broad discretion to permit or deny the appearance of amici. Deaton should be barred from making additional filings or otherwise participating in this case. The SEC may seek further relief from the Court in light of Deaton’s and his followers’ recent conduct.”
Back in March 2021, the group of XRP holders, represented by attorney Deaton, filed a motion to intervene in the case.
This was subsequently rejected by the court but they managed to acquire an amici status.
For the uninitiated, “Amici Curiae” can be defined as an individual or organization that is not a party to a particular litigation but is permitted to advise a court.
As reported by CryptoPotato earlier, Magistrate Judge Sarah Netburn had dismissed the SEC’s appeal for the protection of William Hinman’s speech from disclosure on July 12.
The Judge called out SEC’s “hypocrisy” for calling the infamous Hinman’s speech personal while simultaneously seeking protection from its disclosure.