One of Ripple’s support in its fight agianst the SEC has a new update. Attorney Rodrigo Seira, filed a motion to appear pro hac vice on behalf of amicus curiae Paradigm Operations LP, as shared by James K Filan via Twitter.
According to wikipedia, pro hac vice in legal terms is a practice in common law jurisdictions whereby a lawyer who has not been admitted to practice in a certain jurisdiction is allowed to participate in a particular case in that jurisdiction.
Web 3 investment firm Paradigm Operations along with U.S. lobby group Blockchain Association filed amici briefs to lend support to blockchain firm Ripple Labs Inc. in the ongoing lawsuit against the U.S. Securities and Exchange Commission [SEC] last month.
An amicus brief is typically submitted by an individual or organization that is not a party to a case but intended to influence the court’s decision.
The motion had little effect on the price of XRP because investors were waiting for the next court date on December 22 in spite of numerous amicus briefs being filed in support of Ripple and the defendants.
The deadline for filing omnibus motions to seal all documents associated with summary judgement motions and suggested redactions to those documents is December 22.
Given that XRP has been on a downward trend since late November, hopes for a settlement seem to be dwindling.
At the time of writing this post, XRP is trading at $0.36 down by 4.38% in the last 24 hours. Still, investors are awaiting the court’s decision on the Summary Judgment reply briefs.
Ripple lawsuit: Investors Are Waiting With Bated Breath
It’s uncertain whether the failure of FTX and the increasing scrutiny from authorities and US lawmakers will have an impact on the Court’s decision and the final result.
After a news broadcast during the “Good Morning, Maria” show in November, suspicions of a settlement initially surfaced. This proved to be untrue.
Earlier in the week, Cardano founder Charles Hoskinson spoke about rumors circulating with regards to the lawsuit. Critics claimed he allegedly stated that the SEC-Ripple case would be resolved on Dec. 15.
Hoskinson responded on a tweet by user @CryptoKing_NFT, saying that “social media is terrible for communication.” He also expressed regret at expecting the media to join in on spreading lies about him.