SEC Supporter Fails To File Amicus Brief as Ripple Records 14 Legal Supports: Details

In the longstanding XRP lawsuit, the United States Securities and Exchange Commission (SEC) can only boast of one amicus brief in support of its Summary Judgment motion. On the other hand, about 14 amicus briefs have been submitted in support of the defendant, Ripple Labs.

Amici represent third parties whose particular interests may be affected by the Court’s ruling and whose particular interests are echoed in broader public interests. 

Amicus, which means “friend of the Court”, has the primary role of assisting the Court in reaching the right conclusion in a case affected by the interest of the general public. In this context, an amicus brief is a detailed document submitted by uninterested third parties to give the ruling court reasons to either conclude in favor of Ripple or the SEC. 

Per an update from James K. Filan, a defense attorney, and former federal prosecutor, an organization that recently requested the court for leave to file an amicus brief, to back the SEC’s motion for Summary Judgement, has failed to do so. 

InvestReady, a for-profit corporation in the accredited investor verifications space, submitted a letter application on November 11, requesting the Court’s permission to file amicus curiae in support of the securities watchdog in the XRP lawsuit.

However, the SEC supporter, also known as Accredify, which remarked that Ripple’s fair notice defense should be denied in the court battle with the Gary Gensler-led securities agency, could not meet up the stipulated deadline for the filing of amicus briefs. As approved by the court and agreed by both Ripple and the SEC, the deadline for filing amicus briefs was November 18.

This then leaves the United States SEC to boast of just one formal amicus brief in support of its motion for summary judgment. This brief was filed by the New Sports Economy Institute (NSEI), an innovator of financial products. Notably, NSEI filed the request to submit an amicus brief on the day as InvestReady. 

In response, Attorney Jeremy Hogan, a Ripple/XRP team proponent wrote, “Accredify failed to file its Amicus Brief on behalf of the SEC by the deadline last night. So that leaves the final tally at 14 for Ripple and 1 for the SEC. For you Americans: Ripple scored 2 touchdowns and the SEC got a…one point safety?”

On the other hand, the crypto solutions company, Ripple, which is the defendant in the XRP lawsuit, has recorded 14 amicus briefs supporting its motion for summary judgment. The third parties showing support for Ripple include I-Remit, Tabjets, John Deaton, and the Chamber of Digital Commerce among others.

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