Number Of Amicus Briefs In Ripple vs. SEC Case Went Up To 12
As Ripple Labs continues to contest the SEC action over the sale of XRP, an increasing number of amicus filings have been submitted in the company’s defense.
Since the SEC’s action, twelve amicus briefs have been submitted in favor of Ripple, one of which was made by the Nasdaq-listed cryptocurrency exchange Coinbase, which was one of the first trading platforms to delist XRP.
Ripple CEO Brad Garlinghouse expressed on Twitter:
The SEC requested further time from the court to respond to the increasing number of amicus papers submitted in Ripple’s favor. The court approved the agency’s request on Friday to extend the deadline for all parties to submit and respond to amicus briefs.
Amicus briefs must now be submitted by November 11, and answers must be submitted by November 30.
Stuart Alderoty, general counsel for Ripple, responded to the SEC’s request for extra time to respond to all submitted amicus briefs, saying:
“A dozen independent voices — companies, developers, exchanges, public interest and trade associations, retail holders — all filing in SEC v Ripple to explain how dangerously wrong the SEC is. The SEC’s response? We need more time, not to listen or engage, but to blindly bulldoze on.”
Gary Gensler, the chairman of the SEC, has stated several times that while Bitcoin is a commodity, most other crypto tokens are securities. However, the SEC has come under fire for its enforcement-heavy approach to policing the cryptocurrency market.
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