As Ripple Labs continues to contest the SEC motion over the sale of XRP, an growing variety of amicus filings have been submitted within the firm’s protection.
Because the SEC’s motion, twelve amicus briefs have been submitted in favor of Ripple, considered one of which was made by the Nasdaq-listed cryptocurrency trade Coinbase, which was one of many first buying and selling platforms to delist XRP.
Ripple CEO Brad Garlinghouse expressed on Twitter:
The SEC requested additional time from the court docket to reply to the growing variety of amicus papers submitted in Ripple’s favor. The court docket accredited the company’s request on Friday to increase the deadline for all events to submit and reply to amicus briefs.
Amicus briefs should now be submitted by November 11, and solutions should be submitted by November 30.
Stuart Alderoty, normal counsel for Ripple, responded to the SEC’s request for further time to reply to all submitted amicus briefs, saying:
“A dozen impartial voices — corporations, builders, exchanges, public curiosity and commerce associations, retail holders — all submitting in SEC v Ripple to elucidate how dangerously fallacious the SEC is. The SEC’s response? We want extra time, to not hear or have interaction, however to blindly bulldoze on.”
Gary Gensler, the chairman of the SEC, has acknowledged a number of instances that whereas Bitcoin is a commodity, most different crypto tokens are securities. Nevertheless, the SEC has come below fireplace for its enforcement-heavy method to policing the cryptocurrency market.
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