MarketsRippleSECTradingXRP

XRP Surges Nearly 20% as Token Holders Unite Against SEC

XRP holders have filed a motion against the U.S. Securities and Exchange Commission (SEC) for misrepresenting them in the ongoing lawsuit against Ripple.  
Investors Seek Damages for the SEC’s “Misconduct”
Ripple is back in the crypto spotlight after a group of token holders requested to join the SEC lawsuit against the firm as third-party defendants. 
In the new legal filings, XRP holders argue that their interests have not been properly represented by the SEC in the ongoing lawsuit. The group now plans to seek damages for the regulatory watchdog’s “intentional misconduct and/or gross negligence” since the charges against Ripple led to significant losses after the token lost more than $15 billion in value.
XRP holders’ attorney John Deaton maintains that Ripple is not the only party at risk because many investors have not been able to liquidate their holdings. 
“It is not just Ripple’s current distribution of XRP that is at issue, but whether present day XRP owned by XRP Holders are considered securities, because most U.S. exchanges have delisted and/or suspended XRP trading entirely, thereby causing the XRP held by XRP Holders untradeable and, thus, useless. The SEC had an opportunity to amend the Complaint and provide clarity to the markets but, instead, deferred that responsibility to this Honorable Court,” said Deaton. 
Although U.S. District Judge Analisa Torres denied the motion “without prejudice,” she included a pre-motion letter for the SEC to respond.
The federal agency requested an extension until Mar. 22 to …
Story continues on Crypto Briefing

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