Ripple continues to gain momentum in its case against the SEC as it has been granted motions to file amici briefs. Coinbase leads the charge and plans to file its brief this week.
The ability to include amici briefs has been a critical factor in the lawsuit between the San Francisco-based fintech firm Ripple and the U.S. Securities and Exchange Commission (SEC).
Ripple supporters need to act fast
In the latest filing, Judge Torres granted motions for Ripple to file amici briefs. The amici status permits individuals to assist in court hearings and allows them to file “friends of the court” briefs.
The filing states, “By Nov. 18, 2022, the Association, six XRP holders, Coinbase, the CCI, Valhil, Cryptillian, Veri DAO, Reaper Financial, InvestReady, NSEI, and Paradigm must file their formal briefs.”
Attorney James Filan shared details of this motion in a Nov. 15 tweet. It read:
The Ripple team and supporters will see this as a positive development in their fight against the American regulatory watchdogs.
As BeinCrypto reported on Nov. 4, more than 75,000 supporters and 12 entities pledged their support for Ripple with an amicus curiae brief filing. Overall, the final list of amici-incorporated firms includes:
Leading the charge and wasting no time
Coinbase, one of the leading crypto exchanges, had asked the court’s permission to file for the said status in the lawsuit. Herein the crypto exchange criticized the SEC’s rulemaking for the crypto industry and further supported Ripple in its battle with the SEC.
“Given the absence of SEC rulemaking for the cryptocurrency industry, the question of whether the SEC has given fair notice before bringing an enforcement action against sales of one of the thousands of unique digital assets will often be highly fact-intensive, which makes it particularly ill-suited for adjudication on summary judgment.”
As per the Nov. 15 filing, Coinbase officially got the go-ahead to file its amici briefs in favor of Ripple’s fair notice defense.
Meanwhile, the litigation continues to see different reactions on Twitter with every update. This time was no different. Jeremy Hogan, another attorney familiar with the case, opined:
“Judge Torres is being very liberal in granting these. The parties know not to waste time objecting. She wants to see it ALL.”
XRP performance a mixed bag
Overall, there appears to be a growing anticipation of a win against the SEC. The XRP price rallied by nearly 15% between Oct. 4 and Oct. 9. At the time of the press, XRP was up nearly 10% since its weekly open, currently trading around $0.372.
Despite this, XRP has struggled to hold above the $0.50 mark for the past six months. The price still remains 89.6% down from its all-time high price of $3.50.
The FTX collapse has also significantly stifled the XRP price, knocking it back to its long-term low range.
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