Ripple Files Legal Memo Against SEC

The long running legal tussle between the US Securities and Exchange Commission (SEC) and Ripple is currently in the Summary Judgement Phase. This event has led more firms are trying to get involved in the XRP lawsuit as an Amicus Curiae. Amid this, the defendants have filed a Memorandum of law against the Commission.

Ripple advances in XRP lawsuit?

According to CryptoLaw, Defendants in the XRP lawsuit have filed legal memos in the response to the SEC’s motion for Summary Judgement submitted on September 13, 2022. Ripple has filed legal memos against the Commission’s counter statement.

However, these documents were filed under a seal. So, it will not available for public view for now. Meanwhile, the SEC seeking to file its opposition to Ripple’s Summary Judgement motion.

John Deaton, Amicus Curiae in the XRP lawsuit informed that the public will be able to read the redacted versions of these documents by October 24, 2022.

The defendants and SEC will be meeting this Thursday to discuss the redactions. However, some filing will not be available to the public until late December.

CryptoLaw mentioned that Ripple and Defendants have also filed a declaration of Christopher S. Ford in opposition to SEC’s motion. It includes 60 accompanying exhibits. While a declaration of Erol Gulay with 138 exhibits also have been submitted by Ripple in the XRP lawsuit.

Will court approve more Amicus?

The crucial XRP lawsuit has recently seen a good number of firms and individuals asking the court’s permission to file an Amicus Brief. Earlier, the judge approved I-Remit and TapJets motions to file briefs in support of Ripple.

However, the SEC tried to block these firms from filing Amicus Briefs claiming that it is an improper attempt to offer evidence in the case.

Meanwhile, Phillip Goldstein and Investor Choice Advocates Network (ICAN) have now submitted their request to file Amicus Brief in the XRP lawsuit.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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