The last few weeks and months have been a disappointment to everyone who expected the lawsuit between the United States SEC and Ripple Labs to wither away. In fact, the said lawsuit also saw the participation of a new party of XRP holders, a party represented by attorney John Deaton. In a motion to intervene filed last month, Deaton had argued that the SEC was disputing the independent utility of XRP, something that necessitated an intervention to “develop the Court’s understanding.”
The SEC, in response to the same on the 3rd of May, had alleged that these XRP holders were merely ‘reciting’ the defendants’ litigation position.
The proposed intervenors have now filed a memorandum of law in response to the SEC’s aforementioned opposition. According to Deaton, the SEC is using “red herrings, personal attacks, and irrelevant case law to distract the court from XRP holders’ meritorious request for intervention.”
