In the XRP Lawsuit, the two sides had fought one another once more. The legal counsel for Ripple had taken issue with the SEC’s interpretation of the Chamber of Digital Commerce amicus papers. Ripple criticized the SEC’s actions in asking the Court for more time or pages so that more amici curiae may submit briefs.
This incident was caused by the Chamber of Digital Commerce asking for amici status. In this motion, the SEC chose not to “take a position.” However, if more amicus papers are permitted, the SEC has asked the Court to allot extra time and/or pages.
The Chamber of Digital Commerce submitted copies of their amicus brief motion, memorandum of law, and a statement from Lilya Tessler, the group’s amicus brief attorney, to Judge Analisa Torres in response to a request.
According to Ripple, the SEC should use the space allotted in its opposition and reply briefs to respond to points made by amici. Ripple also said that the SEC should do so in the already set briefing schedule while speaking before Judge Torres.
John Deaton, the creator of CryptoLaw, also offered his thoughts on the subject in a recent tweet. Deaton slammed the SEC’s most recent action as “pathetic and embarrassing” and expressed his outrage at it.
He considers the call for a postponement to be “mean and cruel” because it targets XRP investors. The XRP Lawsuit’s main focus has been on John Deaton’s issues with the SEC.
So, with Ripple’s most recent response, the question is: Where does the case go from here? The Court will probably prolong the SEC’s delays, but this will do absolutely nothing to bring the matter to a successful conclusion.
In his tweet regarding the SEC’s plans to target XRP holders’ “fear,” Deaton seems to have had a point. However, it is now up to the SEC to show whether he is correct or not.
Could XRP’s request for approval be a boon for regulatory clarity?
The court has granted the Chamber of Digital Commerce’s request to submit an amicus brief. CEO Perianne Boring argues that the high-stakes case offers the client a chance to establish the legal guidelines for the cryptocurrency sector. The outcome of this case, in Boring’s opinion, will have a substantial impact on the cryptocurrency market in the United States.
A clear and uniform set of regulations are required for the developing sector, according to the head of the Chamber of Digital Commerce. The Chamber of Digital Commerce stated in its brief that it had no opinion about whether or not the token is an unregistered security. It does, however, want to make sure that the legal framework is “clear and consistent” for digital assets.
Furthermore, to expedite the case, Ripple and the SEC both filed requests for summary judgment last week. There is no need for a trial because, according to the parties, the court has access to sufficient information to render a decision.