SEC clearly on the back foot as they decide not to object on Ripple partners’ ‘amicus briefs’ motions.
In a recent letter to the District-Court judge; Analissa Torres, the US Securities watchdog and Exchange Commission has requested to allow the agency to file its response to ‘amicus briefs’ motions, in support of their summary judgement motion. However, the SEC has surprisingly chosen not to fight Ripple partners’ ‘amicus briefs’ motions.
#XRPCommunity #SECGov v. #Ripple #XRP The SEC takes no position on the motions to file amicus briefs by the Investor Choice Advocates Network and SpendTheBits, Inc., but requests that it be able to respond in its reply brief in support of the SEC’s motion for summary judgment. pic.twitter.com/iKid0QTVUt
— James K. Filan 🇺🇸🇮🇪 122k (beware of imposters) (@FilanLaw) October 26, 2022
Yesterday’s letter came after SpendTheBits and Investor Choice Advocate Network, two of the Ripple’s partners filed the motions with the court to allow them to submit ‘amicus briefs’. Obviously, it is their attempt to let the court know the significance and consequences of their potential decision.
It is notable here that the SEC had previously been denied by the court when the agency sought to prevent TapJets and I-Remit from filing ‘amicus briefs’ in Ripple’s support. Considering that setback, not to take any position was seemingly a very simple decision, as for recent requests from Ripple partners.
Another significant development happened last week when Ripple Lead Counsel Stuart Alderoty disclosed through a tweet that the firm has finally received documents relating to William Hinman’s 2018 speech, after a hustle of many months. Also, the SEC last week filed a legal rebuttal to Ripple’s motion for summary judgement.
Moreover, currently trading at $0.47, Ripple’s native XRP is up 1.9% during the week and 0.7% over the month. Many predictions have been made as for XRP’s future price action that as the SEC-Ripple lawsuit moves towards the end, it will impact the coin’s price positively.
It is to be noted that the lawsuit may meet the conclusion by March 2023. It is a suitable coincidence for XRP as return of Bitcoin’s bull cycle is also projected to start in the Quarter 1 of the year 2023.
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