- The case by the SEC against Ripple Labs may be nearing its end.
- Atty. Jeremy Hogan anticipates what responses SEC will have on the filings.
- The briefs are scheduled to be made public next Monday.
Ripple`s case may be nearing its end, as Ripple Labs rebutted the US Securities and Exchange Commission’s (SEC) opposition to motions from two firms expressing support for the former. Specifically, these firms had requested to file amicus briefs in support of Ripple in its lawsuit which the SEC filed in 2020.
According to Jeremy Hogan, a lawyer invested in the suit, the parties are recently discussing which portions of their briefs should be excluded. These are the briefs where it will be truly seen how powerful each argument is because the summary judgment briefs from last month really “spoke past” each other.
According to him, the papers would be made available to the public on Monday. Last month, though, the SEC filed its documents a day early despite the deadline.
Everyone should keep an eye out for individuals who could drop by on Sunday or Monday, according to Hogan. There will only be one more brief after, which is expected to be on November 15.
The SEC earlier stated in its statement that “Ripple openly bragged about the many actions it was taking and would take to find a “use” for XRP and to safeguard the credibility and liquidity of the XRP markets.”
The SEC contended, among other things, that a number of remarks made by officials of Ripple show that Ripple sold XRP and that XRP investors purchased the cryptocurrency in the hope that it would appreciate over time.
The parties are pleading with the court to grant the defendant’s petition for summary judgment by presenting the document.
The new amicus brief aims to highlight the precise reasons why the SEC’s efforts to exert control over cryptocurrencies and other digital assets constitute “an improper and illegal exercise of regulatory power.”
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