SEC vs XRP: Reaper Financial Seeks Leave To File an Amicus Brief

Texas-based blockchain financial service provider Reaper Financial LLC is the newest member of team Ripple to seek leave to file an amicus brief for Motion for Summary Judgment. Earlier this week, the SEC asked for additional days to review the filed briefs.

Defense lawyer James K Filan shared on Twitter:

Reaper Financial said in its filings that it utilizes the XRP Ledger (XRPL) and its native digital token XRP, for a purpose yet to be disclosed. In a nutshell, Reaper Financial developed its own native currency, RPR, using the XRPL to act as the decentralized voting system via which it carries out its mission.

The financial service provider added that it has no connection with Ripple Labs and that one of the company’s primary functions is to reduce the circulating supply of digital currency units by burning them.

Furthermore, Reaper Financial is the thirteenth amicus curiae to have joined in solidary with Ripple Labs. Reaper took the spot after Coinbase, CCI, Valhil Capital, Cryptillian Payment Systems, and Vari DAO.

Earlier last week, blockchain-based file-sharing and payment network, LBRY, which also toiled in a lawsuit with the SEC reported that it lost the battle. The lawsuit claimed that LBRY violated the laws of securities by selling its native LBC tokens without registering with the SEC.

Concurrently, Filan has also predicted that District Judge Torres will decide on both the Expert Motions and the Summary Judgment Motions at the same time, which is on or before March 31, 2023.

Filan further noted:

The options to exclude expert testimony are fully briefed but issues regarding sealing the motions and the experts’ reports and deposition transcripts now remain. I expect those sealing issues will be resolved as part of the summary judgment process and the eventual ruling

Pressure continues to mount on the SEC as they file replies before the brief and anticipate more amicus briefs before the deadline placed for November 11, 2022.