The only place the SEC seems to be losing some ground in their war against crypto is their stupidly long fight with Ripple ($XRP.X). The SEC’s Motion to Revoke the XRP hodlers attorney (John Deaton) from amici curiae status was not approved.
First, what the hell is an amicus status? You might have heard it called friend of the court. In a nutshell, a person or entity with amicus status is interested in the case’s outcome. They share information and can even participate in oral arguments – if the court gives the ok.
Understandably, the SEC does not want this attorney to share this information.
But are Ripple’s officers the martyrs or white knights the crypto space needs? You don’t hear much about this – and I can’t find any update on it – but in February 2021, the SEC updated their complaint to target Ripple’s officers specifically.
And if the allegations are true, then the XRP hodlers who are ponying up to Ripple are in an unhealthy relationship. It’s like a thief who stole your money is on trial, but you want him to win so you can at least get some of your money back – you have to root for your victimizer – if it’s true.
We will hit this topic with much more attention in a future Litepaper. But if you want to read the February 2021 amended complaint, you can read it here.