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SEC against potential “avalanche” of claims if XRP holders intervene – FinanceFeeds

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The SEC calls for the rejection of the Movants’ proposed intervention as their “ultimate goal in seeking to intervene is for XRP to become available again for trading on digital asset platforms so that Movants may buy and sell XRP as a speculative investment”.

new-york-city

The SEC has sent a letter to Judge Analisa Torres in response to the March 19 letter from the XRP community who seeks to move to intervene in the lawsuit.

In the letter to the Southern District of New York Judge, the regulator first points out that the “movants” don’t explain what claims they would assert against whom in this action if an intervention took place.

The financial watchdog also claims “Congress has barred by statute the consolidation or coordination of claims without the SEC’s consent, and sovereign immunity bars Movants’ claims against the SEC”.

The SEC calls for the rejection of the Movants’ proposed intervention as their “ultimate goal in seeking to intervene is for XRP to become available again for trading on digital asset platforms so that Movants may buy and sell XRP as a speculative investment”.

XRP holders’ letter does note investor losses due to the delisting and/or halting of XRP
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