In the latest update, Ripple and Co have submitted a memorandum of law under public seal as a rebuttal to the U.S. Securities and Exchange Commission’s motion for summary judgment. Currently, the filings are not accessible to the public, until next week.
Last month, both parties requested the federal judge to make an immediate ruling by filing for a summary judgment in the U.S. District Court of New York.
The SEC has steadfastly held to its convictions that XRP sales qualify as an “investment contract,” despite Ripple’s claims to the contrary.
As reported by TronWeekly, the Ripple/XRP defendants gained a major advantage when Judge Analisa Torres of the U.S. District Court allowed two third-party defendants’ requests to submit amicus briefs in support of Ripple’s motion, XRP supporter James K. Filan shared via Twitter.
Despite the SEC’s objections, the private jet charter firm TapJets and the remittance company I-Remit were allowed to submit amicus briefs in support of the XRP cryptocurrency.
Meanwhile, another amicus brief was filed on behalf of XRP’s utility this time by, Investor Choice Advocates Network [ICAN], a nonprofit law firm that is focused on expanding access to markets, recently against SEC’s jurisdiction over digital assets.
In other news, despite the current market drawdown, where NFT volume has fallen to a tiny fraction of what it was in the first quarters of 2022, Ripple has allocated the entire $250 million.
Ripple’s Aggressive Push For NFT Projects
The blockchain firm has revealed the second group of individuals chosen to participate in its $250 million Creator Fund, which is intended to support the growth of NFT-related projects on the XRP Ledger.
The metaverse platform 9LEVEL9, which will offer virtual event tickets as NFTs, the Japanese NFT marketplace Anifie, the NFT sports platform Capital Block, the XRP NFT marketplace NFT Master, the NFT IP firm SYFR Projects, the NFT membership project ThinkingCrypto, and Cross-Metaverse Avatars are all joining the fund’s second wave.
In an interview, Boris Alergant, Head of DeFi Markets at Ripple, stated that the fund’s goal was to hasten the NFT economy of XRP. The fund’s first wave of participants was announced in April.
For its Creator Fund, the blockchain firm has received about 4,000 applications in total. Sometime in the fourth quarter of this year, it intends to reveal the third and final wave of Creator Fund recipients.