Ripple and the Securities and Exchange Commission’s involvement in legal proceedings for over 20 months is no news. Numerous well-known people have been showing up to assist Ripple in this battle. Many believe the conclusion will be a crucial step for the future of cryptocurrency. Ripple Labs recently got support from the US-based cryptocurrency Blockchain Association. Recent reports show the number of people supporting the cryptocurrency exchange is increasing.
SEC V Ripple’s Latest Update
Another development has been made in the protracted legal dispute. The SEC has pushed for a longer timeline. This is despite appeals for a resolution and rising Ripple support.
Legal experts weren’t pleased with this motion. The experts claim the regulator’s chances of winning were decreasing. According to BeInCrypto, legal professionals said the SEC might soon suffer defeat.
The Same Approach, But With A Few Changes
Ripple continues to attract more supporters in this legal battle. After filing an Amicus curiae brief, over 75,000 people and 12 organizations have shown their support. This helps the court to get information and insight from people that are not direct parties.
VeriDAO submitted a brief in support of Ripple’s legal move for summary judgment.
A lot To Handle.
The SEC isn’t ready to give up just yet. In a tweet, eminent lawyer James K. Filan provided information about this occurrence. The SEC asked for an extension to the date for submitting all parties’ reply papers. He asked it to be pushed until November 30, 2022, and a deadline for briefs with a larger page limit.
the SEC requested that the court’s chief judge direct that Amicus Briefs be filed by November 11, 2022. This development received no opposition from the other side. This will help to avoid the necessity for further extension petitions.
Earlier, the motion had been extended by the SEC. It may have needed time to heal. The SEC released the “Hinman materials” toward the end of October. The Ripple team and its fans viewed this decision as a huge win.
Who’s Keeping The Score?
Alderoty, general counsel at Ripple, and Brad, the CEO, posted on Twitter.
Alderoty criticized the SEC’s attitude and strategies. He said that the regulators “blindly bulldoze on” despite many delays in the decision. Brad added, “There have been 12 amici briefs for those of you keeping score. This has never happened at this point.
XRP Price Reactions
In its battle with the SEC, Ripple appears to be in a strong position and may succeed. The native cryptocurrency of Ripple has stayed unchanged over the previous month. Despite this legal battle, it is presently the sixth-largest cryptocurrency by market capitalization.