Ripple Lawsuit: SEC Decides To Take No Position Over New Entry

The Chamber of Digital Commerce recently submitted a motion to file an Amicus Curiae brief in US SEC vs Ripple Lawsuit. However, the regulator has filed a response in the court regarding the motion.

Ripple lawsuit to see new Amicus Curiae

Attorney James Filan shared an update about the SEC’s submitted response to the Ripple lawsuit. The letter mentions that the commission takes no position on the motion. However, it requests that, if in the future court grants permission to do so, then the watchdog wants time to produce a reply to it.

Filan added that SEC highlighted that if additional Amicus Curiae briefs are allowed then it may ask for more time to reply. This request poses a clear threat to John Deaton, who is fielding as the lawyer of the4 XRP holders.

Commission’s this response has landed after the submission of crucial motions for Summary Judgement. Ripple’s Brad Garlinghouse and Chris Larsen went on to file the motion seeking judgment as a matter of law. Motions filed in the Ripple lawsuit went out to the public on Monday.

Is SEC vs Ripple a big opportunity?

However, the Chamber of Digital Commerce said that the SEC Vs Ripple lawsuit is an opportunity for the court to mold the legal framework keeping the digital assets industry in focus.

It added that the Chamber would prefer action by policymakers in order to set a clear and consistent set of rules for the market. The Ripple lawsuit will seem to be a precedent-setting forum that will eventually influence crypto related marketplace.

Coingape reported that Amicus Curiae hints that the filed motion can be a big threat to the whole XRP ecosystem.

Filan informed that the parties have filed a request regarding any motions submitted by third parties. This related to sealing portions of the parties’ summary judgment filings filed on September 12, 2022.

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Ashish Kumar

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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