US Securities body needs more time in XRP lawsuit

On Nov 5, 2022

The US SEC body filed a motion to get more time in the Ripple vs SEC lawsuit.

The US Securities and Exchange Commission (SEC) is the leading regulatory body, which regulates the spot money market including the crypto sector. At the present time, the SEC agency is taking Ripple as a leading case to prove that XRP & other similar kinds of digital assets are security and should be registered with the SEC agency.

According to reports, the SEC is filing a motion to get more time to reply to the numerous amicus briefs, which were submitted by Ripple partners in support of Ripple Labs.

James K. Filan, a defense lawyer who is closely watching this case, informed the crypto sector about this latest step of the SEC agency.

#XRPCommunity #SECGov v. #Ripple #XRP The SEC has filed a Motion to Extend the Time to file all parties’ Reply Briefs until November 30, 2022 and asks the Court to Order that any additional Amicus Briefs be filed by November 11, 2022. Ripple consents. New dates in motion. pic.twitter.com/vBUJV0fVk9
— James K. Filan 🇺🇸🇮🇪 125k (beware of imposters) (@FilanLaw) November 3, 2022

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Ripple’s general counsel Stuart Alderoty also responded that many participants of the crypto sector, whether they are Investors or crypto services providers, are supporting Ripple in this Lawsuit against the SEC agency. In particular, he talked about the support from the Ripple partner companies against the SEC agency, who recently submitted their amicus briefs in support of Ripple & XRP tokens.

A dozen independent voices – companies, developers, exchanges, public interest and trade assoc.’s, retail holders – all filing in SEC v Ripple to explain how dangerously wrong the SEC is. The SEC’s response? We need more time, not to listen or engage, but to blindly bulldoze on. https://t.co/PRgvwI9m2X
— Stuart Alderoty (@s_alderoty) November 3, 2022

Here it is worth noting that, Ripple supporters were thinking that the Ripple vs SEC lawsuit will be over soon because there were no more reasons to extend the case but the huge number of amicus briefs submitted by other companies caused more delay.

Initially, the SEC agency filed this lawsuit against Ripple company in December 2020. Through the Lawsuit, the SEC agency claimed that Ripple’s company sold more than $1.2 Billion worth of XRP tokens publicly, which was illegal under the securities laws. And also claimed that XRP is security, which should be registered with the SEC agency.