XRP holders will be able to assist the court as amici curiae, but they are not allowed to intervene directly in the lawsuit
Federal Judge Analisa Torres has denied XRP holders’ motion to intervene in the U.S. Securities and Exchange Commission’s case against blockchain company Ripple since it would “unduly delay the action.”
There is, however, a silver lining. Movants can now proceed as amici curiae (Latin: “friends of the court”), meaning that they will be able to file briefs in order to influence the decisions of the court:
Accordingly, Movants, in their individual capacities, shall be permitted to act as amici curiae in this action. As such, Movants will be permitted to assist the Court by advising on legal issues relevant to the case, as approved in advance by the Court.
It should be noted that XRP holders are not allowed to offer evidence or present witnesses. Their participation is limited to legal matters to avoid prejudice.
As reported by U.Today, the motion was initially denied without prejudice in mid-March due to a technical mishap.
Attorney John Deaton of the Deaton law firm, who led efforts to bring the XRP community into Ripple’s legal battle with the SEC, said individuals, as well as businesses, were injured by the lawsuit .
The SEC argued that XRP holders were compelling the agency to bring legal action against them by rehashing the talking points of Ripple’s defense.
The regulator claimed that granting amici status to movants would be “inappropriate” due to prejudice.
