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.
- VanEck Registers Lido Staked Ethereum Trust in Delaware, LDO Up 7%
- Fed’s Lorie Logan Urges Caution on Further Rate Cuts Citing Inflation Risks
- Nasdaq-Listed Fitell Adds Pump.fun’s PUMP To Supplement Solana Treasury
- FG Nexus to Tokenize Stock on Ethereum as SEC Weighs 24/7 Onchain Stock Trading
- Bitcoin Still Undervalued, JPMorgan Forecasts Rally to $165,000
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
