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XRP Lawsuit: SEC Allows Amicus Briefs from Market Players, But on This Condition

Thu, 10/27/2022 - 10:55
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Tomiwabold Olajide
SEC takes no position on motions to file amicus briefs
XRP Lawsuit: SEC Allows Amicus Briefs from Market Players, But on This Condition
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According to updates shared by James K. Filan in the ongoing Ripple lawsuit, the SEC takes no position on the motions to file amicus briefs by Philip Goldstein, Investor Choice Advocates Network (ICAN) and SpendTheBits. Instead, the regulator gives one condition.

The SEC requests that in the event the motion is granted, the SEC be able to respond to the motions as part of its reply brief in support of the SEC's motion for summary judgment on Nov. 15.

In the ongoing case, major market players like Phillip Goldstein, SpendTheBits and the ICAN all stated that they intended to submit amicus briefs in support of Ripple. SpendTheBits expressed its support for Ripple and claimed that Bitcoin transactions on XRPL take five seconds.

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Following a rise in the number of companies attempting to submit motions in Ripple's favor in the lawsuit, Attorney Jeremy Hogan, a partner at Hogan & Hogan law firm, took to Twitter asking why the SEC has not yet found a "friend" to back its case against Ripple.

"All of these Amicus Briefs in support of Ripple. Doesn’t the SEC even have ONE friend to step up and support it?" Hogan teased.

Ripple had its "biggest news" in over 18 months in the lawsuit as the U.S. Securities and Exchange Commission (SEC) finally complied with the court order to turn over the Hinman documents.

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XRP Price Yet to React to "Biggest Event" in Ripple Lawsuit in Past Year

Ripple's general counsel, Stuart Alderoty, disclosed that after over 18 months and six court orders later, Ripple finally has the Hinman documents, including internal SEC emails and drafts of his infamous 2018 speech. These documents, however, remain sealed from the public.

Expectations are in place regarding more victories in the lawsuit. Ripple CEO Brad Garlinhouse expects the lawsuit to see a resolution in the first half of 2023.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.