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Ripple vs SEC: Ripple’s Legal Memo Faces Retaliation From The SEC

19 Oct, 20222 min readRegulation
Ripple vs SEC: Ripple’s Legal Memo Faces Retaliation From The SEC

The Ripple vs SEC lawsuit is nearing its 1st year anniversary. In December 2020, the US Securities and Exchange Commission (SEC) filed a lawsuit against Ripple founders for offering illegal securities and claiming that XRP was a security.

After an extended dispute, the legal battle has finally reached the Summary Judgement Phase. This has led to a lot of firms stepping in as Amicus Curiae.

Amicus Curiae is a process wherein the person or organization who acts as a friend to the court assisting the procedure will file the brief, here its in support of Ripple. The two firms which had recently appealed to act as amicus curiae in the XRP lawsuit are Philippines-based settlement company I-Remit and U.S.-based on-demand private jet booking platform TapJets.

Also, Phillip Goldstein, co-founder at Bulldog investors and Investor Choice Advocates Network (ICAN), has now filed for Amicus brief in the XRP lawsuit.

The Legal Battle Continues

The SEC submitted the Summary Judgement on September 13, 2022, and now in response, the Ripple defendants have now filed legal memos. In response, the SEC is planning to file its opposition to the legal memo.

UPDATE (2) on SEC v. Ripple – More Filings Tonight Under Seal (Not Publicly Available):(1/3)Memorandum of Law from @SECGov replying to @Ripple's Motion for Summary Judgment filed 9/13/22 and Counter-Statement to @Ripple's Rule 56.1 Statement of 9/14/22— CryptoLaw (@CryptoLawUS) October 19, 2022

As the documents have been sealed, it is unavailable for the general public to view. However, John Deaton, who is acting as an Amicus Curiae in the XRP lawsuit, has claimed that the edited version of the documents will be publicly available on Oct 24, 2022.

The Ripple defendants and the SEC will meet this Thursday, Oct 20 to discuss the redactions. Although market participants are eager for a decision, they might have to wait longer (till late December) for it.

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