- NSEI and InvestReady have filed a Motion to File an Amicus Brief in Support of the SEC.
- The deadline to file the amicus briefs for both parties is November 11.
- InvestReady says claims made by XRP “are a house of cards that is crumbling quicker than Luna’s price.”
The New Sports Economy Institute (NSEI) and Accredify Inc., DBA InvestReady have been one of the few organizations to have filed Amicus Briefs in Support of the U.S. Securities and Exchange Commission (SEC) summary judgment.
The table has turned just before the deadline to file the amicus briefs in the Ripple and SEC lawsuit. The SEC gained supporters just in the nick of time. Until recently, The SEC did not have any supporters filing briefs for them, whereas on the other hand Ripple has a dozen already who filed briefs. The deadline to file the amicus briefs for both parties is November 11.
The non-profit charitable organization, NSEI, said in its filings that it has always taken a cautious and collaborative approach to financial innovation; opting to obtain regulatory clarity first, rather than functioning in a regulatory environment of ambiguity and opening the floodgates to the masses.
The filings further read that NSEI’s position is that cryptocurrencies are assets that do not generate cash flows. They are however solely speculative tools that one can trade but not invest in.
On the other hand, the data verifying company, InvestReady, has said that in light of the most recent FTX catastrophe, claims that the arguments made by Ripple “are a house of cards that is crumbling quicker than Luna’s price.”
A Reddit user reacted to the news by stating that InvestReady is not a party to the case, is not exposed to XRP, and should not be worried about the SEC regarding this issue unless they are keeping certain secrets.
In other news, Ripple attorney Stuart Alderoty has called out the SEC chair Gary Gensler for failing to protect anyone, instead, he keeps targeting celebrities like Kim Kardashian. He added that due to the negligence, the lines in bankruptcy courts grow longer for consumers.