Thread by @CryptoLawUS

JUST ADDED to our Document Library:
✅Response from @Ripple @bgarlinghouse & @chrislarsensf to Motion to Intervene from @JohnEDeaton1 and #XRPHolders. Key points in thread below (1/11) Read the full document here 👇
crypto-law.us/wp-content/upl…

(2/11) #XRPHolders "should be allowed to participate in this case. As independent holders, developers, and users of #XRP, with no relationship to Defendants, they have strong and distinct interests in the regulatory status of #XRP."

(3/11) @SEC_Enforcement cannot "represent the Movants or other participants in the existing, functioning #XRP market while seeking to destroy that market and frustrate the real purposes for which Movants hold #XRP."

(4/11) "Merely by alleging its novel theory, the @SEC_Enforcement imposed billions of dollars in immediate losses on third-party #XRP holders, dried up #XRP liquidity in the United States, and chilled third parties from continuing to develop applications for #XRP."

(5/11) "Movants are innocent retail holders with no connection to @Ripple who have already felt consequences from the SEC’s ill-advised jurisdictional overreach. Their desire to be heard is understandable and legitimate."

(6/11) "The @SEC_Enforcement – despite its claims to protect them – is acting against their interests and grossly misrepresenting the circumstances of their purchase and use of #XRP."

(7/11) "The SEC says that XRP is a security and always has been. Defendants say that XRP is not a security and never has been. Movants have a special reason to argue that whatever XRP may have been in the past, it was not a security when the SEC filed this suit late last year."

(8/11) @Ripple notes that "the concept that the regulatory status of a virtual currency may change is not original to" them or to @JohnEDeaton1, but the SEC's own William Hinman said it in his infamous 2018 speech where he said #ETH was not a security. finance.yahoo.com/news/sec-annou…

(9/11) "A ruling that #XRP is an investment contract threatens to go beyond the multi-billion-dollar immediate losses inflicted on #XRP holders at the start of this action..."

(10/11) "...and the ongoing throttling of U.S. liquidity, to destroy an innovative and promising technology that exists independently of @Ripple. Defendants must speak for their own interests. [The #XRP holders] can, and should be permitted to, speak for themselves..."

(11/11) "...and in doing so will shed light on the interests of many other people and businesses that stand to lose existing resources and future opportunities if the SEC’s overreach succeeds."