SEC takes no position on two motions in support of Ripple in XRP lawsuit




  • In Business
  • 2022-10-27 08:00:29Z
  • By Forkast News
 

The U.S. Securities and Exchange Commission (SEC) is not taking a position on two motions, submitted by non-profit organization Investor Choice Advocates Network and crypto wallet provider SpendTheBits, which seek to weigh in on the lawsuit between the SEC and Ripple Labs Inc.

See related article: SEC asks court to deny Ripple motion for summary judgment in XRP lawsuit

Fast facts

  • The SEC wrote in a document filed on Wednesday that if either of the two motions is granted, the SEC requests to be able to respond as part of its reply brief in support of its motion for summary judgment.

  • Earlier this month, the Investor Choice Advocates Network and SpendTheBits filed motions to submit an amicus curiae brief - typically submitted by an individual or organization that is not a party to a case but intended to influence the court's decision.

  • In December 2020, the SEC filed a lawsuit against Ripple and its executives, alleging the sale of XRP constituted an offering of unregistered securities worth over US$1.38 billion.

  • The SEC last week filed a legal rebuttal to Ripple's motion for summary judgment.

  • Also last week, Ripple's general counsel Stuart Alderoty said the SEC has handed over internal documents to Ripple containing comments by former SEC Corporation Finance Division director William Hinman on cryptocurrencies, which has been a major point of contention in the lawsuit.

See related article: What is XRP and what is Ripple?

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