Ripple Lawsuit

The SEC has decided not to take a stance on the latest plaintiff in the Ripple lawsuit.

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The Amicus Curiae brief in the US SEC vs. Ripple Lawsuit was recently requested by the Chamber of Digital Commerce. However, the agency responsible for regulating has filed a response to the motion.

As a result of the ripple effect of the litigation, Curiae Amicus

To keep everyone apprised of the status of the SEC’s response to the Ripple litigation, attorney James Filan has provided the following update. The commission has stated its neutrality over the motion in the letter. In the event that the court does grant permission, the watchdog organisation requests some time to prepare a response.

According to Filan, the SEC brought up the possibility of requesting more time to respond if it was granted permission to submit further Amicus Curiae papers. John Deaton, who is running for attorney of XRP holders, faces an obvious danger from this request.

This reply from the Commission arrives following the filing of pivotal Motions for Summary Judgment. The next step was the filing of a motion for judgement as a matter of law by Brad Garlinghouse and Chris Larsen of Ripple. On Monday, the public was able to read the motions submitted in the Ripple litigation.

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The Chamber of Digital Commerce, on the other hand, argues that SEC v. Ripple presents the court with an opportunity to shape the legal environment in a way that benefits the digital assets market.

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In addition, the Chamber emphasised that it would prefer government intervention to establish a stable and uniform regulatory framework for the market. There is a good chance that the court that hears the Ripple litigation will set a precedent that will have an impact on the cryptocurrency market.

According to Coingape’s analysis:

Amicus Curiae suggests the submitted motion poses a significant risk to the entire XRP ecosystem.

A request from the parties has been lodged with Filan in regards to any third-party motions. The parties’ September 12, 2022, petitions for summary judgement included information that should be kept confidential.

Source: Google Trend

By Vil Joe

A writer and editor based out of San Francisco, Vil has worked for The Wirecutter, PCWorld, MaximumPC and TechHive. Her work has also appeared on InfoWorld, MacWorld, Details, Apartment Therapy and Broke-Ass Stuart. In her spare time, she takes too many pictures of her cats, watches too much CSI and obsesses over her bullet journal.

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