Blockchain payment firm Ripple’s fight against the SEC has been strengthened following the approval of Judge Torres to file Amicus Briefs, as shared by James K. Filan.
“By November 18, 2022, the Association, six XRP holders, Coinbase, the CCI, Valhil, Cryptillian, Veri DAO, Reaper Financial, InvestReady, NSEI, and Paradigm must file their formal briefs”.
Just recently, Coinbase got behind the blockchain company by seeking permission to file amicus briefs.
The crypto exchange’s filing read,
Given the absence of SEC rulemaking for the cryptocurrency industry, the question of whether the SEC has given fair notice before bringing an enforcement action against sales of one of the thousands of unique digital assets will often be highly fact-intensive, which makes it particularly ill-suited for adjudication on summary judgment.
In its statement, the crypto exchange argued that the SEC has caused “uncertainty” for other firms in the sector by being inconsistent about its enforcement approach.
Apart from Coinbase, the list contained names like I-Remit, Valhil Capital, SpendTheBits, Chamber of Digital Commerce, TapJet, ICAN, and Cryptillian Payment Systems, among others.
As of Nov. 4, more than 75k supporters and 12 organizations had signed amicus curiae brief endorsing Ripple Labs.
By “amicus briefs,” the court can obtain crucial information or viewpoints from parties who aren’t directly involved in the dispute
The SEC maintained that Ripple raised “approximately $1.3 billion in an unregistered, ongoing digital asset securities sale” in the ongoing legal dispute that began in 2020.
That said, a media outlet Fox business announced the SEC VS Ripple Case is heading for a settlement triggering a minor price upswing. XRP’s value surged by more than 10% over the last 24 hours and is currently trading at $0.38.
Ripple Is Not Heading For Settlement With SEC
However, a spokesperson for Ripple has refuted the report of a potential settlement via the same media outlet.
“Per a Ripple spokesperson, this morning’s report on an expected settlement between Ripple and the SECGov tomorrow (11/15) is false”.
The Ripple vs SEC case has gained considerable limelight amidst the FTX and Alameda bankruptcy saga. There are concerns that more crypto firms are likely to be affected by the lawsuit’s outcome and have joined hands to support blockchain technology.