Ripple, a fintech company famous for its long-running lawsuit with the SEC, is witnessing additional support from the finance and crypto industry in the present battle thereof with the Securities and Exchange Commission of the United States. On the 4th of November, Brad Garlinghouse (the CEO of Ripple) shared a Twitter post noting that the number of investors, associations, exchanges, developers, and firms supporting it has increased to twelve.
The Number of Amicus Briefs for Ripple Reaches 12
The number of amicus briefs that are being submitted is elevating as mentioned by Stuart Alderoty (the general counsel of Ripple Labs). As per the definition, an amicus brief counts as a legal transcript that is submitted in the cases of appeals to assist the court with the provision of additional relevant arguments or information. The respective briefs are submitted on the behalf of amicus curiae, meaning the court’s friend.
The Ripple CEO mentioned in his post that each of the supporters will elaborate in their exclusive manner that the SEC will cause irreversible harm to each aspect of the crypto economy in the United States if it receives any opportunity to do this. On the 3rd of this month, a motion was filed by the U.S. securities regulator to have an extension in the time to submit the entirety of reply briefs till the 30th of November.
Also read:It requested Analisa Torres (the judge presiding over the lawsuit) to direct that any further amicus briefs should be submitted by the 11th of this month. Garlinghouse had formerly expected a denouement in the initial half of the coming year, however, it seems that the SEC could stretch the case longer than that.
Ripple’s Position in SEC Lawsuit Strengthens
The mounting number of Ripple’s supporters takes into account the Chamber of Digital Commerce, Coinbase, the Blockchain Association, the Crypto Council for Innovation, the Investor Choice Advocates Network (ICAN), Tapjets, Spend The Bit, I-Remit, Valhil Capital, as well as John Deaton.
The securities regulator of the U.S. initially took measures against the crypto exchange a couple of years back in December, alleging it and the executives thereof to have carried out the trading of unregulated securities in the form of its native digital token XRP. At the moment, the respective legal fight is still furious but Ripple is getting more support.
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