Ripple Gains More Support In XRP Lawsuit; Will SEC Settle?
Ripple and Defendant have gained positive momentum in the long running legal battle against the US SEC. After getting a major breakthrough in the XRP lawsuit, Ripple is now receiving vital support from the amicus in the Summary Judgement Phase.
XRP gains momentum
Attorney James Filan reported that Spend the Bits has filed its application to file a Brief as Amicus Curiae in the XRP case. The firm asked the permission to file a brief in the support of the Defendant’s motion for Summary Judgement.
Earlier, the Judge granted permission to I-Remit and TapJets to file amicus briefs in the support of Ripple.
Spend the Bits in its request has mentioned that it is aware of other amici filings in the XRP case. However, its perspective differs from the rest of the amici as Spend the Bits creates and builds an application designed to use XRP and XRP ledger. Meanwhile, Ripple holds no knowledge or consent that it is used to transfer Bitcoin.
The firm supporting Ripple’s motion stated that XRP is not an investment contract within the meaning of the law. STB has highlighted many non-investment use cases for XRP. While it tries to prove that XRP is not a part of a common enterprise with Ripple and it does not rely on Ripple’s effort.
SEC restricting innovation?
John Deaton, lawyer of XRP holders in the crucial case appreciated STB’s efforts to file requests to enter the case. He mentioned that the US is supposed to be a land of opportunity, while SEC has done more to restrict this opportunity.
He slammed the SEC for hindering innovation and harming the people that it alleges to serve. The impact of damage done by the commission can be felt beyond the border. While he thanked the STB for speaking up for the international XRP holders and businesses.
- BNB Leads Crypto Market Rally With Fresh All-Time High, Expert Sees $5000 Upside
- Billionaire Ray Dalio Calls Bitcoin “Alternative Money” as BTC Profit-Taking Tops $3.7B Amid $120K Rally
- Canary Litecoin ETF Delayed Due to Government Shutdown, What’s Next?
- VanEck Registers Lido Staked Ethereum Trust in Delaware, LDO Up 7%
- Fed’s Lorie Logan Urges Caution on Further Rate Cuts Citing Inflation Risks
- 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.
