Ripple vs. SEC: Is the SEC Stalling and Why?
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Another development has been made in the protracted legal dispute involving the US Securities and Exchange Commission (SEC) and San Francisco-based fintech company Ripple. The SEC has pushed for a longer timeline despite appeals for a resolution and rising Ripple support.
Legal experts weren’t very happy with this motion because the regulator’s chances of winning were decreasing. According to reports, a few legal professionals suggested that the SEC may soon suffer a “bruising setback.”
In its legal battle with the SEC, Ripple Labs continues to attract more and more supporters. With the filing of an amicus curiae brief, more than 75,000 people and (as of right now) 12 organizations have shown their support for Ripple. This assists the court in obtaining essential information or expertise from parties or groups that aren’t directly connected to the case.
VeriDAO, a Wyoming-based decentralized autonomous organization, recently submitted an amicus brief in favor of the petition for summary judgment made by Ripple’s counsel.
The @dao_veri is proud to announce that the Amicus curiae brief in support of the Ripple attorney’s motion for summary judgement has been entered into the court docket in the southern district of New York. https://t.co/D7SNYlKnSo
— VeriDAO (@dao_veri) November 3, 2022
SEC Fighting Tooth and Nail for the Case
However, the SEC isn’t quite ready to give up yet. In a tweet on November 4, renowned lawyer James K. Filan provided more information on this development. The SEC submitted this motion to extend the deadline for submitting all “parties” reply papers until November 30, 2022, and they also asked for a deadline for briefs with a larger page limit.
According to the revised schedule, the SEC urged the trial judge, Analisa Torres, to “order that any additional amicus briefs be filed by November 11, 2022.”
The motion had already been extended by the commission. Was recovery taking a while? The “Hinman documents” were released by the SEC toward the end of October. This decision was viewed as a huge win by the Ripple team and its supporters.
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