It has been almost three months since the fight between the US Securities and Exchange Commission, and XRP is going on. Just recently, a new development has taken place in the matter between the two entities where a third party has made an entry.
It has been revealed that the XRP holders’ community has recently made an entry into the spotlight amid the lawsuit filed by the SEC against XRP.
The holders of XRP are now representing as the defendants of XRP Labs against the lawsuit that has been filed by the Securities and Exchange Commission of the United States.
It has been revealed that the third-party motion was filed on Sunday, March 14, 2021, to be the defendants for XRP. The sources have confirmed that it was the Deaton Law Firm that submitted the petition to be approved as the defendants. The attorney that filed the request on behalf of Deaton Law Firm is John Deaton.
In the request, Deaton Law Firm has confirmed that the petition has been filed by over 6,000 holders of XRP. In the petition, John Deaton has confirmed that he himself is a supporter as well as the holder of XRP. In the petition, he has presented an argument that throughout the hearings process, the interests of the holders of XRP were not kept under consideration.
He also added that the Securities and Exchange Commission also misrepresented the views of XRP holders while filing the lawsuit against the executives against Ripple Labs.
John Deaton has also officially made the announcement of filing the petition at the court through the firm’s website “CryptoLaw”. The announcement was made by John Deaton on the website on Sunday, March 14, 2021.
On the website, John Deaton made his statement as well as sharing the statement of other XRP enthusiasts. He stated that the recent lawsuit filed by the SEC against XRP has already inflicted a lot of damage to the asset and its holders.
In the announcement, it has been reported that right after SEC’s announcement of filing a lawsuit against XRP, the holders of XRP ended up suffering a loss of more than $15 billion.
As the SEC went on to file a lawsuit against Ripple, the price of XRP experienced a significant drop with respect to its price. As per figures, the price of XRP experienced a 76% drop in its price as it ended up dropping from $0.76 all the way down to $0.18 in two weeks’ time.
It was back on December 28, 2021, when the United States Securities and Exchange Commission had filed a lawsuit against XRP. In the filing, the US SEC claimed that XRP was involved in the illegal distribution of securities among US citizens.