XRP Holders Attempt to Intervene In Ongoing SEC v Ripple Standoff; India Feels Threatened by XRPL
The XRP crypto community seems to have had enough of the US Securities and Exchange Commission’s (SEC) fight against Ripple as they have once again filed to intervene in the case.
XRP Holders Say SEC’s Interest Differs From Theirs
Attorney John Deaton filed the motion on behalf of XRP holders on April 19. Deaton submitted the document at the US District Court for the Southern District of New York.
The XRP community noted that many businesses had been hurt ever since Ripple was charged to court by the SEC for allegedly selling XRP tokens as investment contracts.
According to the document, XRP users, investors, holders, developers, content providers, and small businesses connected to XRP and the XRP Ledger all have a significant interest in the case.
On this basis, XRP holders seek to participate in the lawsuit as a third-party defendant to protect their interests.
Deaton emphasized that they are only after their interests and not asserting any claims or counterclaims against the SEC.
In a blog post, Deaton further explained that the SEC did not appear to show any consideration for the retail investors that would be on the receiving end by their enforcement action.
“When we asked the court to hear our voice, the SEC scoffed and insulted us in their formal response, saying that all of us who suffered collateral damage from their ill-conceived lawsuit should remain silent. Without our intervention, we are without a voice in a debate of great stakes for us and the holders of all digital assets in the United States.”
Ripple’s XRP Ledger Protocol A Threat To India’s Banking System
While Ripple is embroiled in the legal battle with the SEC, it appears India is threatened by its technology. According to a report created by Ernst & Young (EY) for the Competition Commission of India (CCI), Ripple is being seen as a potential competitor to the Indian traditional banking system.
The Asian nation is known for its strict regulatory oversight on cryptocurrencies. India is reportedly looking to outlaw private crypto ownership in a new bill that has placed the future of crypto companies in limbo.
However, India’s issue is not about Ripple being a cryptocurrency but instead about its blockchain technology and cross-border payment service, which it believes is a threat to local financial institutions.
Apart from Ripple having the token XRP, it is also a blockchain payments company that offers services across 55 countries. The company has also positioned its cryptocurrency, XRP, as a “neutral bridge” to link various central bank digital currencies (CBDC).