The majority of cryptocurrency ecosystems have joined together in support of Ripple, highlighting the threats posed by the U.S. Securities and Exchange Commission (SEC) to Ripple, XRP, and other digital currencies.
This follows the fresh development of the court allowing the SEC’s application for an extension of time to submit reply briefs by all parties.
According to the CEO of Ripple, Brad Garlinghouse, twelve amicus papers have been filed by various cryptocurrency exchanges, developers, crypto firms, and even individual bodies.
Typically, an amici brief provides objectively perceptive material highlighting case-related topics. However, the court alone determines whether or not it merits consideration.
In the XRP vs. SEC lawsuit, these filings together support Ripple’s prior assertions that the SEC has indeed treated the company unfairly. It explains in detail how many other digital currencies are in danger of being blacklisted by the SEC, particularly if it succeeds in its action against Ripple.
As Garlinghouse described it; “For those keeping track, twelve (!) amicus briefs have been filed. It is unusual for this to occur at this level. They each highlight in their own way the irreparable damage the SEC would do to all aspects of the US crypto industry if it has its way.”
While the market as a whole awaits the verdict, attorney Jeremy Hogan discusses the many conceivable outcomes, suggesting that the Ripple vs. SEC litigation might end in more than a “win or loss” scenario for both sides.
He notes that there may be a summary judgement in which the judge rules on a portion of the matter while leaving the remainder to trial.
Using a practical instance, he notes; “The judge might rule that ALL transactions were securities and leave the question of damages and the defendants’ intent to trial. Also, sure, the judge may find that no securities were sold, and that would cover EVERYTHING.”
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