SEC Supporter Fails To File Amicus Brief In Ripple Lawsuit, Here’s Why

Accredited, formerly InvestReady and a supporter of the SEC, missed the deadline for submitting its formal amicus brief in the Ripple lawsuit ongoing dispute. When presenting an update from James K. Filan on the amicus briefs so far submitted, attorney Jeremy Hogan brought this up.

Ripple Lawsuit: SEC Supporter Fails To File Amicus Brief, Here’s Why

14 formal amicus papers were submitted on behalf of Ripple by various organizations, including the Chamber of Digital Commerce, TapJets, I-Remit, and others. Accredify, a company that assists in determining investors’ eligibility for online equity transactions, requested the court’s permission to write an amicus brief in favor of the SEC’s petition for summary judgment one day before the deadline for requests to file amicus briefs was set to expire.

The arguments made by Ripple “are a house of cards that is crumbling faster than Luna’s price,” according to InvestReady’s proposed brief. InvestReady asserted that because a centralized body promoted XRP, it was a security.

InvestReady (Accredify), however, was unable to submit its formal brief by the deadline of November 18, so the SEC was left with just one amicus brief in support. The New Sports Economy Institute formally submitted its amicus brief supporting the SEC before the Nov. 18 deadline, claiming that the Howey test continues to be the “gold standard.”

Response briefs to summary judgment anticipated according to U. The page limit for the reply documents, which include responses to amicus briefs, was set at 55 pages today. The parties are anticipated to file their sealed reply briefs by Nov. 30. All briefings ought to be over at this point, and we’ll be awaiting Judge Torres’ ultimate ruling.

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