SEC Files a Motion to Extend The Time Replaying Ripple’s (XRP) Amicus Briefs.
In response to Ripple Labs’ numerous amicus briefs, the Securities and Exchange Commission (SEC) has filed a motion to extend its review period.
Ripple Labs was sued by the SEC for allegedly issuing XRP as an unregistered security in late 2020, and now a number of amicus briefs seek to refute that claim.
The XRP Amicus Brief Filed are Weakening The SEC
An expert on crypto law, Jeremy Hogan, said earlier this week that the SEC’s case has been weakened by amicus briefs.
“One of the things you see when you look at these amicus briefs is that some parts are filling in the holes for Ripple and some parts are making new holes in the SEC’s argument,” said Hogan.
James K Filan, a defense lawyer who has been following this case closely, reports that the SEC has asked for more time to respond.
“SEC v. Ripple – 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,” he said.
The US Regulator Reveals Their Incapability
Stuart Alderoty, Ripple’s general counsel, says the US regulator shows a lack of ability to engage with the general public, listen, and learn.
“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,” said Alderoty.
“The SEC’s response? We need more time, not to listen or engage, but to blindly bulldoze on,” he added.
A number of high-profile voices in the crypto industry have filed amicus briefs, including Coinbase, the top US exchange.
The cryptocurrency exchange backed Ripple’s fair-notice defense last week by arguing that the regulator failed to provide “fair notice” that Ripple was in violation.