Ripple Vs SEC: Ripple Gains More Supports Against SEC In XRP Lawsuit

The US court is yet to decide the fate of long running Ripple Vs SEC lawsuit. However, the summary judgment of the crucial XRP lawsuit is witnessing a good number of individuals and firms asking to file Amicus Briefs.

Ripple Vs SEC to see more Amicus?

Attorney James Filan informed that Reaper Financial, LLC has asked the court to grant them leave to file an Amicus Brief. The firm mentioned that it will be supporting the motions filed by Ripple for summary judgment.

Reaper Financial, LLC in the application mentioned that it created its own native token, RPR on the XRPL. It is being used in order to perform decentralized voting. The firm highlighted that they have no connection with the RIpple.

Filan also reported that Attorney Frederick Rispoli files a Motion to Appear Pro Hac Vice on behalf of Reaper Financial.

It added that one of the primary functions of the company is to reduce the circulating supply of the tokens by burning them. However, it has decided to take no position with respect to the SEC’s allegations against Ripple.

SEC making an absurd claim?

John Deaton, Amicus Curiae or XRP holders’ lawyer in Ripple vs SEC lawsuit stated that this filing is another example of the absurdity of the SEC’s claim. He added that comparing LBRY motion for summary judgment and Ripple is a huge mistake.

Coingape reported that XRP lawyer refused the decision in the LBRY case would impact the Ripple vs SEC case. He highlighted that the LBRY case is in the 1st circuit, while Ripple is in the 2nd circuit.

Attorney Jeremy Hogan mentioned that the brief filed is strong and to the point. This highlights the use case of the XRPL. However, it also points out the absurdity of “the token is a security” argument.