According to the November 15 filing, Coinbase has officially been given the green light to file its Amici briefs in favor of Ripple`s fair termination defense. Since then, other industry players have requested permission to send amicus curiae briefs in support of Ripple. These include Bulldogs co-founding investor Phillip Goldstein and the Investor Choice Advocates Network (ICAN), which supports underrepresented entrepreneurs. The rally slowed slightly as investors waited for more news, but recently rallied after the verdict of the Hinman documents. It managed to break through the $0.50 mark again, hitting a high of $0.54 on October 9. However, Ripple Labs president Chris Larsen and Garlinghouse claimed the sales were legal. Their reasoning was based on the so-called Howey test of a U.S. court case, which determines whether an asset is a security. In the latest filing, Judge Torres granted Ripple`s requests to file Amici briefs. The amici statute allows individuals to attend court hearings and file briefs from “friends of the court.” The filing states: “By November 18, 2022, the association, six holders of XRP, Coinbase, CCI, Valhil, Cryptillian, Veri DAO, Reaper Financial, InvestReady, NSEI and Paradigm must submit their formal submissions.” According to Filan`s schedule, requests to seal all documents related to requests for summary ruling would be completed on December 22 and closure requests would take place before Christmas.
#XRPCommunity #SECGov v. #Ripple #XRP Ripple`s defendants disagree with the SEC`s proposal that the SEC will ask for more time or pages when others file amici curiae briefs. “This is yet another transparent attempt to further delay the resolution of this case, and the court should dismiss it.” pic.twitter.com/vTH9w2RV9t The SEC has not commented on the case, according to defense attorney James Filan. However, the SEC said it could ask for more time if more amicus curiae briefs were granted. Then, on October 11, Justice Torres granted TapJets and I-Remit`s request to file these briefs. Companies had three days to submit these documents. With the two-year affair over, Ripple enjoyed massive support from the crypto community during the legal battle. The U.S. Securities and Exchange Commission (SEC) has received court approval to extend the deadline for all parties to file response briefs in the SEC`s ongoing lawsuit against Ripple Labs Inc. in 2020. Stu Alderoty, Ripple`s general counsel, told Capital.com: “The filings show that the SEC is acting outside its legal limits. The SEC is not trying to enforce the law — it is trying to reshape it in the hope that it can unduly expand its jurisdiction.
In the most recent case, the SEC and Ripple each submitted their final briefs to the court and sought a ruling in their favor. They begged District Judge Analisa Torres not to send the case to trial documents. The latest series of summary judgment briefs brings the case closer to a judgment that could further define which digital assets are considered securities in the United States. Ripple continues to gain momentum in its case against the SEC as it has obtained applications to file Amici briefs. Coinbase is leading the charge and plans to file its letter this week. A dozen amicus curiae briefs have been filed by crypto companies such as Coinbase and others. Apart from that, around 70,000 XRP holders have also filed a brief to defend the company. The final submissions from both parties bring the pursuit of a judgment that could change the view of digital assets under U.S. securities law. Who favors the court`s decision will likely determine the classification of digital assets, whether as securities, derivatives or other class.
For example, if the SEC wins, XRP is classified as a security. This precedent could apply to other similar assets. Both parties have since filed motions to appeal the opposing party`s summary judgment. The legal teams reiterated their positions on whether XRP should be classified as a security. The possibility of including Amici briefs was a critical factor in the lawsuit between San Francisco-based fintech company Ripple and the U.S. Securities and Exchange Commission (SEC). Torres has accepted briefings from companies that say they rely on XRP technology and cryptocurrency industry groups, as well as a group of XRP holders who said the SEC did not demonstrate that buyers were influenced or aware of Ripple`s statements. Ripple`s legal team received the documents on October 20. Alderoty tweeted: “More than 18 months and 6 court orders later, we finally have the Hinman documents (internal SEC emails and drafts of his infamous 2018 speech). Although they remain confidential for now (at the SEC`s insistence), I can say that it was worth fighting for. Ripple`s two-year legal battle with the U.S.
Securities and Exchange Commission (SEC) is coming to an end. The crypto company filed a response to the Commission`s appeal against its application for summary judgment. In response, Ripple pointed out that the briefs provide the court with an important perspective on whether investors expect XRP profits. Recently, private charter jet company TapJets and payment provider I-Remit asked to file amicus curiae briefs in support of Ripple. Both argued that the blockchain company is vital to their business. The company said the two Ripple founders were entitled to a summary verdict on their decision to sell in foreign currency. According to the company, the SEC was unable to provide material facts to the contrary. Charles Hoskinson, the founder of blockchain and the Cardano cryptocurrency, shared his views on the case on Twitter. BeInCrypto has contacted companies or individuals involved in the story for an official explanation of recent developments, but it has yet to receive a response.