Most cryptocurrency ecosystems have rallied behind Ripple, as they all show collective efforts to highlight the dangers that the U.S. Securities and Exchange Commission (SEC) poses to Ripple, XRP, and other digital currencies. This follows the new development of the court granting the SEC motion to extend the time for all parties to file reply briefs.
As noted by Ripple’s CEO Brad Garlinghouse, twelve amici briefs have been submitted by different cryptocurrency exchanges, developers, crypto companies and even individual bodies.
An amici brief typically contains objectively insightful information presenting issues centering on a case. However, the court solely decides whether it is or isn’t worth considering.
In the XRP vs SEC case, these briefs all collectively support Ripple’s previous notations that the SEC has, in fact, been unjust in its dealing with the firm. It goes even further to explain, in detail, how many more digital currencies are at risk of being blacklisted by the SEC, especially if it wins its case against Ripple.
As Garlinghouse explained;
“For those of you keeping count, 12 (!) amici briefs submitted. It’s unprecedented (I’m told) to have this happen at this stage. They each explain – in their own unique way – the irreparable harm the SEC will do to every facet of the US crypto economy if it gets its way.”
While the broader market awaits the result, attorney Jeremy Hogan highlights the different possible outcomes, revealing that the Ripple vs SEC lawsuit might result in more than just a “win or lose” situation for both parties.
He explains that there might be a summary judgement, where the judge can rule on any piece of the case while the rest is left for trial.
Explaining with a practical example, he notes;
“The Judge could decide that ALL sales were securities and leave the issue of damages and scienter of the individual Defendants for trial. Also, yes, the Judge could rule no sales were of securities and that covers ALL the pieces (thought I’d throw that out there!).”
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