#XRP investors have put their hands on stone to intervene in the ongoing legal fight between the US Securities and Exchange Commission and Ripple .
Investors who submitted a request to intervene Monday against the SEC claimed that XRP was not qualified as a security by many countries, and also that Gary Gensler, the new chief of the SEC, used XRP as a 'bridge currency between two central bank digital currencies. 'they stated that they defined it as.
The file noted that in 2018, the SEC allowed #Ripple to buy shares from this company, knowing that it would distribute XRP to #MoneyGram. It was emphasized that an exchange, identified as "Platform A" in 2019, met with the SEC before listing XRP and asked for guidance on this issue. After this meeting, it was underlined that the exchange in question lists XRP. It was also reported that other market participants knocked on the SEC's door for the same reason, saying: "The SEC never stopped market players from listing and trading XRP before this lawsuit was filed." Similar claims were made by Ripple.
In the continuation of the allegations, it was claimed that XRP holders have used XRP and XRPL for more than one purpose, which cannot be considered as a 'security' since 2013, creating value and benefit for XRP. It was stated here that XRP holders use XRP instead of fiat currency for daily trading at #Walmart, #Amazon, #TARGET and millions of other businesses. It has been stated that XRP is used for direct payments at many points. It has been written that some XRP holders use cryptocurrency as collateral and some for donations. There are many other use cases for XRP. The parties involved emphasized that XRPL is completely independent of Ripple and its executives. Additionally, it has been argued by both the SEC and Ripple that it does not adequately represent the interests of XRP holders.
For all the reasons listed, XRP holders were required to be allowed to interfere under the Federal Code of Civil Procedure.
The request was submitted by John E. Deaton on behalf of XRP investors. It was noteworthy that this came just after Gary Gensler, the new chief of the SEC, took office.
In December, the SEC sued Ripple and its two executives on charges of selling $ 1.3 billion of undeclared securities. A legal battle has been going on between Ripple and the SEC since then. The lawsuit was filed just before former president Jay Clayton left the seat.
XRP, the fourth largest cryptocurrency by market value , finds buyers at $ 1.40 at 01:00