Stuart Alderoty, the General Counsel at Ripple, has dropped a hot take in response to the SEC’s recently filed request regarding all amicus briefs submitted in favor of the crypto solutions and cross-border payment firm.
The Ripple General Counsel mentioned that the Gary Gensler-led U.S. SEC is ‘dangerously wrong’ in their contentions about the Ripple-backed digital token, XRP.
#XRPCommunity #SECGov v. #Ripple #XRP The SEC has filed a Motion to Extend the Time to file all parties’ Reply Briefs until November 30, 2022 and asks the Court to Order that any additional Amicus Briefs be filed by November 11, 2022. Ripple consents. New dates in motion. pic.twitter.com/vBUJV0fVk9
— James K. Filan 🇺🇸🇮🇪 124k (beware of imposters) (@FilanLaw) November 3, 2022
SEC Files for Time Extension in Replying to Amicus Briefs
To show support for Ripple and its key executives Brad Garlinghouse and Christian Larsen, the defendants in the longstanding XRP lawsuit filed by the SEC in late 2020, many third parties have filed what is known as amicus briefs to the Court.
In all these numerous amicus briefs filed by external entities like I-Remit, Tapjets, John Deaton, and the Chamber of Digital Commerce, the SEC’s sentiment that XRP is a security was contradicted. Meanwhile, more third parties including Coinbase, the largest crypto exchange in the United States, recently requested to file amicus curiae brief in support of Ripple’s fair notice defense.
Read Also: Canada-Based Crypto Exchange Relists XRP
It’s worth noting that the SEC has formally requested the Court to extend the time to file all parties’ reply briefs from November 15 to November 30. While also appealing that the Court approves that no amicus brief be filed after November 11.
The Court, presided over by Judge Analisa Torress is yet to respond to the SEC’s latest motion but Ripple has shown consent. In the letter dated November 3, the SEC wrote;
“[…] the SEC respectfully requests that the Court modify, as set forth below, the Orders for filing reply briefs to the parties’ motions for summary judgment and for filing motions to seal the summary judgment materials. This is the first request to extend these deadlines. Defendants consent to the below requests for modifications to the pending scheduling orders;”
“The date for the parties to meet and confer to identify redactions to the reply briefs be extended from November 17 to December 2. The date to file public, redacted reply briefs be extended from November 21 to December 5. The date to file omnibus motions to seal all proposed redactions to all summary judgment materials be extended from December 9 to December 22. The date to file oppositions to the omnibus motions to seal be extended from December 22 to January 9, 2023.”
To this end, Stuart Alderoty commented on the latest development citing that the explosion of numerous amicus briefs indicates the SEC’s poor judgment about XRP. He said; “A dozen independent voices – companies, developers, exchanges, public interest, and trade associations, retail holders – all filing in SEC v Ripple to explain how dangerously wrong the SEC is. The SEC’s response? We need more time, not to listen or engage, but to blindly bulldoze on.”
A dozen independent voices – companies, developers, exchanges, public interest and trade assoc.’s, retail holders – all filing in SEC v Ripple to explain how dangerously wrong the SEC is. The SEC’s response? We need more time, not to listen or engage, but to blindly bulldoze on. https://t.co/PRgvwI9m2X
— Stuart Alderoty (@s_alderoty) November 3, 2022
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