Two motions were made by Investor Choice Advocates Network and crypto wallet company SpendTheBits, asking the U.S. Securities and Exchange Commission (SEC) to take a side in their case against Ripple Labs Inc. The SEC has not decided how it will respond to any of the petitions.
The SEC said in a document filed on Wednesday that if one of the two petitions is allowed, it wishes to submit a reply brief in support of its motion for summary judgement.
Earlier this month, both the Investor Choice Advocates Network and SpendTheBits filed applications to file amicus curiae briefs, which are briefs submitted by non-parties to a lawsuit to the court in an effort to sway its judgement.
The SEC sued Ripple and its officials in December 2020, claiming the sale of XRP amounted to an unregistered issuance of securities valued at over US$1.38 billion.
The SEC submitted a formal response to Ripple’s demand for summary judgement last week.
Also last week, Ripple’s general counsel Stuart Alderoty said that the SEC had provided Ripple with internal papers detailing former SEC Corporation Finance Division chief William Hinman’s opinions on cryptocurrencies, which have been a key source of disagreement in the litigation.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.