- The SEC has filed a motion to extend the time to file all parties’ briefs replies.
- Veri DAO LLC has been the newest member to join the list of Amicus Curiae.
- The SEC’s decision will impact the XRP holders and other cryptos.
The U.S. Securities and Exchange Commission (SEC) has filed a motion to extend the time to file to all brief replies, filed in favor of Ripple Labs, until November 30, 2022. The SEC has also requested the court to order that any additional Amicus Briefs be filed by November 11.
The Ripple attorney, Stuart Alderoty, added that many companies, developers, exchanges, public interest, trade associates, and retail holders have all filed their briefs to explain the utility of Ripple and called SEC’s action wrong. Alderoty added that in SEC’s defense, all they did was ask for more time to file replies to the submitted briefs.
Brad Garlinghouse, the CEO at Ripple, wrote on this Twitter handle:
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.
Ripple has been seeing many entities standing up for them in solidarity. Veri DAO LLC has been the newest member to join the list of Amicus Curiae in the XRP lawsuit, succeeding Cryptillian Payment Systems. Veri DAO marked the 12th spot on the list. According to reports, two attorneys filed Motions to Appear Pro Hac Vice so they could file a Motion to File an Amicus Brief on behalf of Veri DAO LLC.
Veri DAO, in its filings, stated that:
The fallout of such SEC action has left downstream, unaffiliated holders of VERITokens with no confidence or guidance on what they can legally do with their digital assets.
The filings also stated that the SEC’s decision will impact the downstream holders of XRP, as well as potentially the downstream holders of other cryptos. Veri DAO, through its amicus curiae brief, wants to assist the court in understanding the broader implications of its decision on those involved with cryptos.
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