- In April, the judge ruled SEC to release the documents that have the potential to prove that the securities commission was secretly enforcing various laws and regulations in the cryptocurrency market
- Ripple (XRP) filed an amicus brief regarding one of the experts of SEC.
Ripple (XRP) registered a friend of the court legal brief about an SEC pro.
- Later, the SEC proposed some redactions to the letter regarding the amicus brief. Due to this proposal by the commission, Ripple has thrown off a response covering three pages.
History Of The Lawsuit
The legal battle between Ripple (XRP) and SEC has become old news now. It all started on 20th December 2020, when the state body of the Securities And Exchange Commission, commonly known as the SEC, filed a lawsuit against the cryptocurrency exchange firm alleging that the executives inside Ripple Labs Inc., has raised funds for another venture of theirs in 2013 using the Ripple Tokens (XRP).
Back in those days, the token was unregistered security at that time.
The alleged amount of fundraising is claimed to be 1.3 Billion USD.
The Ripple Counsel as well as the founders claimed that the lawsuit is baseless according to a speech given by the former Director of Corporation Finance for the SEC itself, Mr. Robert Hinman specified that the Bitcoin(BTC). Ether(ETH) and by extension XRP will not be categorized as security.
This statement has been made in reference to the fact that these coins are decentralized.
Fast Forward To 2022
The battle went on for more than a year. In April, the judge ruled SEC to release the documents that have the potential to prove that the securities commission was secretly enforcing various laws and regulations in the cryptocurrency market. Now, coming back
Ripple (XRP) filed an amicus brief regarding one of the experts of SEC. This amicus brief refers to the documentation provided to the court of law regarding the case including all the important facts and information relating to a person or an organization. The only difference is that in the Amicus Brief, the person or organization submitting the document is not related to the case legally.
Later, the SEC proposed some redactions to the letter regarding the amicus brief. These redactions are the edits and changes in the formal document. In view of the proposal made by the Commission, Ripple has thrown off a response covering three pages.
The whole three-page document can be accessed through the following Tweet posted by the defense lawyer James K Filan:
XRP personally believes that the SEC is failing in fulfilling the standards for hiding those documents.
Ripple’s council argues that: “The SEC has requested redactions of passages that demonstrate the weakness of the expert’s analysis.”
Fred Rispoli, who is the friendly attorney of Ripple, is pretty positive about the whole lawsuit.