Ripple Says SEC Wants to Use New Tactics to Further Delay the Resolution of the Lawsuit
The blockchain company has slammed the SEC’s recent suggestion.
Ripple has objected to the Securities and Exchange Commission’s plan to seek extra pages and time to respond to additional amici curiae briefs in the ongoing lawsuit.
#XRPCommunity #SECGov v. #Ripple #XRP Ripple defendants object to SEC suggestion that the SEC will seek additional time or pages if other amici curiae submit briefs. “This is yet another transparent attempt to further delay resolution of this case and the Court should reject it.” pic.twitter.com/vTH9w2RV9t
— James K. Filan 🇺🇸🇮🇪 113k (beware of imposters) (@FilanLaw) September 20, 2022
As reported by TheCryptoBasic, the SEC noted that it does not take a position over the Chamber of Digital Commerce’s request to file an amicus curiae brief in the lawsuit. However, if attorney John Deaton submits his own amici curiae briefs, the SEC said it would require more time and pages to respond to amicus briefs.
Ripple’s Response to SEC’s Suggestion
While Ripple does not object to the Chamber of Digital Commerce’s request to file an Amicus brief, the blockchain company is strongly against the SEC’s suggestion that it would need more time and pages to oppose additional briefs.
According to Ripple, the comment is a deliberate attempt by the SEC to further cause unnecessary delays in the lawsuit.
“This is another attempt by the SEC to further delay resolution of this case, and the court should reject it,” Ripple said in its letter.
Ripple noted that it is not surprising to see multiple amici curiae seek to file briefs in the lawsuit because the SEC’s “overboard theory” of what should be security threatens an unwarranted expansion of its authority beyond what Congress permits.
The blockchain company added that the court has already set page limits for Amici briefs and opposition and cannot just grant additional pages to respond to arguments.
“The SEC is free to use the already allocated space in its opposition and reply briefs to address arguments raised by amici, and do so on the already-established briefing schedule, just as Defendants are. The court should not countenance the SEC’s request,” Ripple added.
However, should the court assent to the SEC’s request, Ripple said the changes should also apply equally to both sides.
Meanwhile, attorney Deaton, the lawyer representing over 72,000 XRP holders in a lawsuit against the SEC, took a swipe at the commission in a recent tweet, saying: “The claim that SEC lawyers, with all their Ivy League Law Degrees and wealth of experience in securities laws, need more time to respond to the “Twitter Lawyer”, (as they called me) is both pathetic and embarrassing.”
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