Ripple objects to SEC’s relief suggestion

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Rip­ple Labs Inc. has object­ed to the U.S. Secu­ri­ties and Exchange Commission’s sug­ges­tion that it may seek addi­tion­al time and pages if oth­er ami­ci curi­ae (Latin for friends of the court) sub­mit briefs, as the law­suit the SEC filed in 2020 against Rip­ple drags on.

See relat­ed arti­cle: SEC, Rip­ple seek sum­ma­ry judg­ment in attempt to speed up XRP lawsuit

Fast facts

  • In a let­ter filed on Tues­day, Rip­ple said the SEC’s sug­ges­tion is “yet anoth­er trans­par­ent attempt to fur­ther delay res­o­lu­tion of this case and the Court should reject it.”
  • This came after the SEC filed on Mon­day a response to the Cham­ber of Dig­i­tal Commerce’s motion to sub­mit an ami­cus curi­ae brief, and said the SEC may seek fur­ther relief for addi­tion­al time or pages from the court if more such briefs are submitted.
  • An ami­cus curi­ae brief is typ­i­cal­ly filed by a per­son or orga­ni­za­tion that isn’t a par­ty to a case but would peti­tion the court for per­mis­sion to sub­mit a brief intend­ing to influ­ence the court’s decision.
  • On Sat­ur­day, the SEC and Rip­ple each filed a motion ask­ing Judge Anal­isa Tor­res of the U.S. Dis­trict Court for the South­ern Dis­trict of New York to make a sum­ma­ry judg­ment, in an effort to con­clude the law­suit with­out going to trial.
  • In Decem­ber 2020, the SEC filed a law­suit against Rip­ple alleg­ing that its sale of XRP — the native token of XRP Ledger which pow­ers Ripple’s pay­ment net­work — con­sti­tut­ed an offer­ing of unreg­is­tered secu­ri­ties worth over US$1.38 bil­lion. The SEC also named Ripple’s exec­u­tive chair­man Chris Larsen and CEO Brad Gar­ling­house as co-defen­dants for alleged­ly aid­ing and abet­ting Ripple’s moves.
  • XRP, the sev­enth-largest coin by mar­ket cap­i­tal­iza­tion, was trad­ing up 8.34% over the past 24 hours at US$0.4111 at 1 p.m. Hong Kong time, accord­ing to data from Coin­Mar­ket­Cap. The token rose 22% over the past sev­en days.

See relat­ed arti­cle: Cryp­tocur­ren­cy lob­by group seeks to weigh in on SEC vs Ripple’s XRP lawsuit

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