XRP Lawsuit: XRP Holders approach the court regarding the expert discovery extension dispute

By Palak Malhotra
Published October 20, 2021 Updated October 20, 2021
Best Buy In

DeFi Platform

Exchanges

Wallet

SEC vs. Ripple Lawsuit

XRP Lawsuit: XRP Holders approach the court regarding the expert discovery extension dispute

By Palak Malhotra
Published October 20, 2021 Updated October 20, 2021

The latest development in the XRP lawsuit saw Attorney Deaton write to Judge Torres on behalf of Movants (XRP Holders) to consider the community’s “meaningful perspective” to aid the Court in “reach[ing] a proper decision” in Expert discovery deadline extension dispute. The letter noted that while the court formerly denied Movants’ Motion to Intervene in lieu of SEC’s argument that it will “hopelessly delay” the final verdict, the plaintiff now itself is appealing for a two-months delay with the extension.

XRP Holders appeal access to their funds

Deaton’s letter also refers to Ripple’s opposition to the commission’s expert discovery deadline extension request. According to the letter, Ripple’s argument regarding the “freezing” of XRP markets within the United States impacts Ripple, however, it also directly impacts the XRP holders. Deaton cited Ripple’s argument that “nearly every digital asset exchange in the United States” has de-listed or suspended trading of XRP, leaving XRP holders helpless.

Furthermore, a large sum of XRP Holders holds XRP in retirement brokerage accounts, which have also been “frozen” because of the SEC’s claims, alleging XRP to be an unregistered security. XRP holders are unable to touch their funds in any manner, including the inability to withdraw, due to the ongoing lawsuit.

“The lack of liquidity within the United States, coupled with the mass de-listings prevents XRP Holders from trading, selling, transferring, or converting their XRP. It is because of this de facto in place seizure of their property that XRP Holders took the extraordinary step to seek intervention as defendants… Any delay in the underlying action marks yet another day XRP Holders do not have access to their funds.”

Ripple opposition letter mentions frozen XRP markets

Following the SEC’s letter seeking a two-month extension of the Court-ordered expert discovery deadline, Ripple filed an opposition letter on October 18, requesting the court to deny SEC’s extension appeal to prevent further delay in the final verdict. Ripple asserted that extending expert discovery to January 2022 will “unduly prejudice” Ripple and continue to “freeze” XRP markets in the United States.

advertisement

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Palak Malhotra
417 Articles
Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0

Loading Next Story