Ripple has been granted requests to submit amici papers in its SEC dispute. Coinbase will file this week.
Amici filings have been crucial in the Ripple v. U.S. litigation. The SEC. Judge Torres allowed Ripple’s applications to submit amici papers. Amici status enables people to help in court and submit “friends of the court” papers.
James Filan tweeted on Nov. 15 about this proposal. It Reads: “Ripple’s team and fans will consider this as a win over American regulators.”
More than 75,000 people and 12 companies filed an amicus curiae brief backing Ripple on Nov. 4. Amici-incorporated companies include:
Coinbase, a renowned crypto exchange, requested the status of the litigation. The crypto exchange criticized the SEC’s crypto sector rules and endorsed Ripple.
Given the lack of SEC legislation for the cryptocurrency business, the issue of whether the SEC gave fair notice before launching an enforcement action against sales of one of the hundreds of distinct digital assets will likely be fact-intensive, making it unsuitable for summary judgement.
Coinbase received permission to submit amicus papers supporting Ripple’s fair notice defence on Nov. 15.
Twitter reacts differently to each lawsuit update. Again, nothing changed. Attorney Jeremy Hogan said: “Judge Torres is really generous. The parties never object. She wants it all.”
There’s increasing hope of beating the SEC. Between Oct. 4 and Oct. 9, XRP rose 15%. XRP was up 10% from its weekly start, trading at about $0.372 at press time.
XRP has fought for six months to stay over $0.50. Still 89.6% behind its all-time high of $3.50. The FTX drop has also restricted XRP, sending it to a long-term low.
Also Read: Institutional Investors Buy the Dip as FTX Crash Causes Crypto Market Deals