On Ripple’s side, 14 formal amicus briefs were submitted
In the ongoing lawsuit, SEC pro Acredify, now known as InvestReady, has failed to submit its formal adjudication brief by the set deadline. Representative jeremy hogan On the amicus briefs submitted so far, James K. Philan pointed this out while sharing an update.
On Ripple’s side, 14 formal amicus briefs were submitted by different entities such as the Chamber of Digital Commerce, TapJets, I-Remit and others.
A day before the deadline for requests to file amicus briefs expired, Acredify, a firm that helps verify investors’ eligibility for online equity investments, filed an amicus brief in support of the SEC’s motion for summary judgment. sought the permission of the court to do so.
In its proposed brief, InvestReady stated that the arguments that have been put forward by Ripple “are a house of cards that is falling faster than Luna’s price.”
InvestReady also claimed that the XRP cryptocurrency was a security as it was pushed by a centralized entity.
However, InvestReady (Accredify) was unable to file its formal brief because it did not meet the Nov. 18 deadline, leaving the SEC with only one amicus brief in support.
Prior to the November 18 deadline, the New Sports Economy Institute formally filed its amicus brief in support of the SEC, stating that the Howe test remains the “gold standard”.
Summary judgment reply briefs expected
As reported by U.Today, the parties are expected to file their sealed reply briefs by Nov. 30, and the page limit for the reply briefs was set at 55 pages, in which responses to amicus briefs are contained.
By this time, all briefings are expected to be complete, and Judge Torres’ final decision will be awaited.
