Could it be that the industry is beginning to unite its forces and thus support Ripple in its legal battle with the SEC? There are many indications of this, as the number of Amicus Briefs that have come before the court are causing the SEC to ask for more time to respond.
Amicus Briefs support Ripple
Twelve – that’s exactly how many expert reports supporting Ripple’s side of the story have been filed with the court. This fact is proudly announced by the company’s CEO, Brad Garlinghouse, on his Twitter profile:
“For those counting, 12 (!) amici briefs have been sent. This is unprecedented at this stage. Each one explains – in its own unique way – the irreparable harm the SEC will do to every aspect of the U.S. crypto economy if it gets its way.”
With such a large response, the SEC has asked the court for an extension of time to review these reports and, consequently, further address them. The tentative closing date for this phase of the hearing is November 15, but at the SEC’s request it can be postponed for two weeks, until November 30.
Further motions and reaction from Ripple
The SEC, faced with so much support from fintech companies as well as crypto exchanges (including Coinbase), has decided to ask the court for further facilities, or in some cases restrictions. One of the facilities would be to increase the page limits for responses to reports, from 45 to 55, and the commission also asked that no further Amicis Briefs be allowed to be filed after November 11.
It’s worth noting that Ripple has decided to support the SEC’s requests, thereby enabling the Commission to seek these approvals in court.
Amicus Briefs – we explain what they are
Amicus Briefs are a fairly important tool in litigation, albeit under different assumptions in different jurisdictions. It is colloquially accepted to call Amicus Briefs “opinions of a friend of the court.” The court has the right to use this type of opinion whenever it does not have complete knowledge in the area in which it is passing judgment. It then seeks expert advice from those who are active in the segment in question.
The Amicus reports that have just been filed come primarily from companies that have been more or less affected by the proceedings that the SEC has issued against Ripple. Among other things, they explain the impact of this lawsuit on both them and the US economy.
Ripple pointed out that, so far, as many as 12 Amicus Briefs have yet to be seen filed at the trial stage. Importantly, their number could still increase in the next few days.