XRP Lawsuit: SEC Alters Strategy Now That XRP Holders Keep Their Amici Status

July 28, 2022 3:06 pm Comments

There are now some important upcoming dates to be aware of as the SEC vs Ripple lawsuit continues on with the next important date being September 12, 2022.

This is the date for filing statements on undisputed facts and motion for summary judgement which will be an important milestone for the entire case.

In addition, the last date to file the oppositions for these motions is by October 18, 2022 which means that the end of the lawsuit is coming closer than we think.

As far as recent news go, the SEC had recently attempted to revoke the amici status that was granted to XRP holders which allows them to participate in the case as a third party that can provide essential information.

Thankfully, the court had decided to reject the SEC’s attempt and it is confirmed that XRP holders will keep their amici status.

AMBCrypto.com reports:

Well, that’s exactly the case as the regulatory watchdog attempted to shield claims over the William Hinman speech and related motions.

One of which is to revoke the amici curiae status granted to XRP holders. Nonetheless, the apparent protection went in vain.

Furthermore, as per recent updates shared by the famed attorney, James K. Filan, Judge Torres denied the SEC’s motion to revoke amici status and bar Cryptolaw founder, John Deaton from further involvement.

Although, ‘Amici can’t participate in the expert challenge now but may file an application to brief concerns with SEC’s expert at summary judgment,’ James K. Filan added.

This fell in line with three of Judge Netburn’s orders in a single brief before. Herein, the court ordered or rather permitted this group to act as ‘amici curiae’. Further, the filing added, ‘such assistance will be most beneficial during a briefing on dispositive motions.’

As a response to the court decision, XRP holders had definitely celebrated the result as this once again would strengthen Ripple’s defense against the SEC.

With that being said, it looks like the SEC is already altering its strategy now that it lost that battle.

The SEC, in the past, had always contested court decisions with appeals and objections so there is a chance that there will be additional delay tactics in the future.

With that being said, Jeremy Hogan has commented on the win positively and shows that this is just another SEC gambit that has failed.

AMBCrypto concludes:

Whereas, the man of the hour, crypto law founder John Deaton chose more of a neutral tone to celebrate this development. Deaton opined,

Additionally, Fox Business reporter, Eleanor Terrett took a more ‘win-win’ scenario path to highlight this news.
The filing further added,

“The orders should be set aside as clearly ‘erroneous and contrary’ to law because the speech drafts are not relevant to any claim or defense in this case.”

However, does it stand a chance in court? John Deaton, certainly doesn’t think so. He opined, ‘I’ve read Judge Netburn’s decision. No way SEC wins this argument. Judge Netburn ruled in SEC’s favour more than not.’

What the SEC’s strategy will be after this Ripple win has yet to be revealed.

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