XRP Lawsuit: SEC Takes No Positions On Amicus Briefs Filed In Support Of Ripple

By Kevin • October 27, 2022 10:40 pm • Comments

According to James Filan, the current status of the Ripple lawsuit has now seen a new interesting development.

Essentially, the SEC will not be taking any position in regards to the motions to file amicus briefs by Investor Choice Advocates Network, SpendTheBits, and Philip Goldstein.

These three external parties are considered major market players and they have al stated that they are filing these amicus briefs in order to support Ripple in the ongoing lawsuit.

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The only thing that the SEC is requesting is that it is able to respond in its reply brief in support of the SEC’s motion for summary judgement.

This motion for summary judgement is currently scheduled for November 15 which makes it a critical date in the lawsuit.

U.today reports:

In the ongoing case, major market players like Phillip Goldstein, SpendTheBits and the ICAN all stated that they intended to submit amicus briefs in support of Ripple.

SpendTheBits expressed its support for Ripple and claimed that Bitcoin transactions on XRPL take five seconds.

Following a rise in the number of companies attempting to submit motions in Ripple’s favor in the lawsuit, Attorney Jeremy Hogan, a partner at Hogan & Hogan law firm, took to Twitter asking why the SEC has not yet found a “friend” to back its case against Ripple.

“All of these Amicus Briefs in support of Ripple. Doesn’t the SEC even have ONE friend to step up and support it?” Hogan teased.

Ripple had its “biggest news” in over 18 months in the lawsuit as the U.S. Securities and Exchange Commission (SEC) finally complied with the court order to turn over the Hinman documents.

Other good news includes the fact that Ripple’s general counsel, Stuart Alderoty, has stated that Ripple finally has the Hinman documents.

This includes essential pieces of evidence that would support Ripple’s case such as the internal SEC emails as well as drafts of Hinman’s infamous 2018 speech.

This took a long time as nearly 18 months has passed since Ripple has tried to get this information and it had to go through 6 different court orders to finally get it.

With that being said, these documents will still not be revealed to the public so what they actually contain will remain a mystery for now.

U.today concludes:

Ripple’s general counsel, Stuart Alderoty, disclosed that after over 18 months and six court orders later, Ripple finally has the Hinman documents, including internal SEC emails and drafts of his infamous 2018 speech.

These documents, however, remain sealed from the public. Expectations are in place regarding more victories in the lawsuit.

Ripple CEO Brad Garlinhouse expects the lawsuit to see a resolution in the first half of 2023.

It seems that there are many parties that are continuing to step up in support of Ripple.

Meanwhile, there has not been a single entity that has stepped up to support the SEC so far.

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