The legal battle between the SEC and Ripple XRP still stands, and the rulings have not appeared in favor of the watchdog’s claims. However, after much resistance, the SEC finally released the controversial Hinman documents to Ripple, marking a breakthrough for the defendants.
However, the commission went on to file legal memos against Ripple. The watchdog stated that the firm relies on experts’ testimonies, not fact witnesses. The SEC’s opposition has not caused any deterrent to the rising number of interests, which seems to favor Ripple in the lawsuit.
The latest development in the XRP lawsuit has many firms coming forward as Amicus Curiae in the case. While the matter appears to be coming to a wrap, it poses the question: are many Amicus briefs in the lawsuit necessary for the judgment?
Court Permitting More Amicus Shows XRP Case Is Complicated: Attorney Hogan
Regarding this, Attorney Jeremy Hogan gave explanations in a Twitter post, stating the benefits of many Amicus Briefs in the XRP lawsuit. According to the attorney, Amicus Curiae is called a friend of the court and only applies to high-level courts that resolve complicated cases.
However, numerous Amicus briefs in a trial-level case are considered normal. Following attorney Hogan’s explanation, the submissions of many amicus briefs in the XRP lawsuit signifies its importance among the community.
The court’s permission for many Amicus in the Ripple/SEC lawsuit shows that the issue is complicated. The case resolution is complex because the ruling will affect many people and the entire industry. Therefore, attorney Jeremy sees the many Amicus submissions as a good thing in the Ripple lawsuit.
Furthermore, attorney Hogan revealed that the number of Amicus Briefs in the XRP lawsuit had reached 78. The case has also gotten to the United States Supreme court.
SpendTheBits And Others Support Ripple’s Motion For Summary Judgement
Previous reports stated that Judge Analisa Torres accepted the request of Investor Choice Advocates Network and SpendThe Bits to file Amicus briefs in the lawsuit. Accordingly, the firms will file briefs supporting Ripple’s motion for Summary Judgement.
In its application filing, SpendTheBits said it is aware of other Amicus filings in the case, but its perspective differs from theirs. SpendThe Bits creates applications designed to use XRP and XRP ledger. Therefore, it supports Ripple’s motion with the argument that XRP is not an investment contract within the context of the law.
Lawyer to XRP holders in the lawsuit, John Deaton, commended SpendTheBit’s efforts in filing applications to join the case. Deaton further stated that the United States should be a place of opportunity, but the SEC is trying to obstruct it.
Meanwhile, the SEC agreed to drop its assertions over the Hinman documents, which it handed over to Ripple in October.
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