Ripple continues to gain momentum in its case against the SEC as it has been given offers to file an Emmy brief. Coinbase leads the charge and plans to file its brief this week.
The ability to include an AMC brief has been a key factor in the lawsuit between San Francisco-based fintech firm Ripple and the US Securities and Exchange Commission (SEC).
Ripple supporters need to act fast
In the latest filing, Judge Torres motioned Ripple to file a brief. AMC status allows individuals to assist in court hearings and allows them to file a “friend of the court” abbreviation.
November 15, 2022
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“As of November 18, 2022, the association, six XRP holders, Coinbase, CCI, Wallhill, Cryptillion, VeryDAO, Reaper Financial, Investready, NSEI and Paradigm must file their formal details,” the filing said.
Attorney James Filan shared the details of the proposal in a November 15 tweet. This Reading,
The Ripple team and supporters will see this as a positive development in their fight against US regulatory oversight.
As BeinCrypto reported on November 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 included:
Leading the charge and wasting no time
Coinbase, one of the leading crypto exchanges, had sought permission from the court for the said position in the lawsuit. In it, the crypto exchange criticized the SEC’s rulemaking for the crypto industry and supported Ripple in its fight with the SEC.
“Given the absence of SEC rule-making for the cryptocurrency industry, the question of whether the SEC has given proper notice before taking enforcement action against the sale of one of the thousands of unique digital assets will often be highly fact-intensive, which makes it difficult for the SEC to take action.” in particular makes summary judgments unsuitable for adjudication.”
As of a November 15 filing, Coinbase has officially received approval to file its EMC brief in favor of Ripple’s Fair Notice Defense.
Meanwhile, Twitter has been receiving different reactions with every update to the lawsuit. This time was no different. Jeremy Hogan, another attorney familiar with the matter, did not vote,
“Judge Torres is very generous in giving these. Parties know not to waste time objecting. She wants to see it all.”
XRP Exhibits a Mixed Bag
Overall, the odds of a win against the SEC are rising. The price of XRP increased by about 15% between October 4th and October 9th. At press time, XRP is currently trading around $0.372, up almost 10% since its weekly open.
Despite this, XRP has struggled to stay above the $0.50 mark over the past six months. The price is still down 89.6% from its all-time high of $3.50.
The collapse of FTX also pushed the price of XRP down significantly, bringing it back to its long-term low range.
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