The United States Securities and Exchange Commission (SEC), the plaintiff in the XRP lawsuit filed against Ripple, the leader in enterprise blockchain and crypto solutions, has suggested that it intends to seek additional time depending on future developments with amici curiae briefs.
Meanwhile, the Chamber of Digital Commerce, the world’s leading blockchain trade organization, demonstrated its support for Ripple in the XRP lawsuit as the status of amici curiae. The Chamber of Digital Commerce later raised a motion for leave to file an amicus curiae brief.
Both Ripple and the SEC took no position in the organization’s motion, but the SEC noted that if other amici curiae submit briefs, it intends to seek additional time for its opposition and inclusion of more pages. Ripple has condemned this suggestion, stressing that the Judge should dismiss such a request from the SEC.
#XRPCommunity #SECGov v. #Ripple #XRP Ripple defendants object to SEC suggestion that the SEC will seek additional time or pages if other amici curiae submit briefs. “This is yet another transparent attempt to further delay resolution of this case and the Court should reject it.” pic.twitter.com/vTH9w2RV9t
— James K. Filan 🇺🇸🇮🇪 113k (beware of imposters) (@FilanLaw) September 20, 2022
Ripple and XRP Backers Condemn SEC’s Suggestion
The attorneys representing the defendants, Brad Garlinghouse, and Christian Larsen of Ripple Labs Inc. have condemned such intention from the securities watchdog, citing that it’s one of the SEC’s delay tactics.
Ripple attorneys have filed a letter to the presiding Judge Analisa Torres which is in response to the Chamber of Digital Commerce’s motion to file an amicus curiae brief and the SEC’s response. Per the letter, the crypto solutions company said, “this is yet another transparent attempt to further delay resolution of this case and the Court should reject it.”
In addition, Ripple argued that even in cases where there is a substantial amicus interest unlike the Ripple-SEC case, additional pages to make responses to amici arguments are not ordinarily granted by Courts. “The SEC is free to use the already-allocated space in its opposition and reply briefs to address arguments raised by amici, and to do so on the already-established briefing schedule, just as Defendants are The Court should not countenance the SEC’s request,” attorneys representing Ripple wrote.
In the letter, Ripple highlighted that the United States Securities and Exchange Commission (SEC) is attempting to expand its regulatory authority beyond what Congress permits. The defendants added that the Court was aware of the fact that multiple amici curiae seek to submit briefs in the XRP lawsuit even before the Summary Judgment date was approved. “Indeed, that was clear long before the Court set the summary judgment briefing schedule in this action,” Ripple reiterated.
Top supporters of Ripple and the attorney supporting over 72,000 XRP holders, John Deaton, have also objected to this suggestion from the SEC. “The claim that SEC lawyers, with all their Ivy League Law Degrees and wealth of experience in securities laws, need more time to respond to the “Twitter Lawyer”, (as they called me) is both pathetic and embarrassing,” John Deaton wrote.
Jeremy Hogan also commented, “it’s cool that the SEC is so much more afraid of 74k people than it is of all the Chambers and Organizations and Associations in the world.”