The long running Ripple vs SEC or the US Securities and Exchange Commission finally seems to find its end after SEC filed for summary judgment. The way the developments are happening around the XRP lawsuit are pointing towards Ripple win.
Last week the United States federal district court rejected the Securities and Exchange Commission’s several pleas to stop Ripple from getting access to the internal communications against the agency’s stance towards crypto. Ripple is of the opinion that the email drafts will help the platform win this case. However most of the legal professors believe the draft won’t help Ripple to win the case.
XRP Lawsuit Gains Immense Support
On the other hand, the latest development comes around many other independent firms are trying to sneak into the XRP lawsuit. As per the legal professor, James Filan, a global payment platform, I-Remit has filed an application to be an amicus brief in the XRP lawsuit. I-Remit has come forward to portray their stance against SEC by giving briefs supporting Ripple defendants.
It’s just not I-Remit, there was another application submitted by TapJets to file an amicus brief. TapJets is basically a private jet charter company accepting XRP as a payment. As per the firm XRP payment is playing a huge role in its company. As of now, John Deaton is acting as an Amicus Curiae where he is representing XRP holders in the lawsuit.
As more and more support is being raised towards Ripple, it is most likely that SEC will raise an objection against the move. Also all of the applicants will not be accepted.
Moreover it is expected that the SEC might request the court to allow 5-10 more pages to reply with a time extension of 1-2 weeks.