XRP tokenholders have attempted to insert themselves as third-party defendants in the United States Securities and Exchange Commission’s lawsuit against Ripple Labs.
A motion to intervene was filed by John Deaton of Deaton Law Firm on Sunday on behalf of over 6,000 XRP holders. Deaton, himself an XRP holder, argued that the interests of tokenholders were not being adequately represented in the securities lawsuit against Ripple Labs and its executives.
Deaton’s argument builds upon the reputation of any securities violations by Ripple Labs. Specifically, if XRP is not a security — as Ripple executives Bradley Garlinghouse and Christian Larsen claim — then the efforts of Ripple executives have no bearing on the performance of XRP.
