Ripple vs SEC : SEC Approves SpendTheBits Inc To File Amicus Curiae
The long time legal battle of Ripple vs SEC appears to have picked its momentum as the lawsuit is gaining some exciting movements. The lawsuit is currently in the summary judgment phase which has attracted various firms to be an Amicus Curiae.
Amicus Curiae is a process wherein the person or organization who acts as a friend to the court assisting the procedure will file the brief, here its in support of Ripple.
The latest updates claim that in Ripple vs the US Securities and Exchange Commission (SEC) legal tug of war, XRP Ledger (XRPL) backed company SpendTheBits Inc (STB) has filed to be XRP’s Amicus Curiae.
#XRPCommunity #SECGov v. #Ripple #XRP Spend The Bits Inc. has formally filed its Amicus Brief in Support of Ripple.https://t.co/OVeiz4oVxk— James K. Filan 🇺🇸🇮🇪 122k (beware of imposters) (@FilanLaw) October 28, 2022
How Many More Amicus Briefs In Ripple vs SEC Case ?
As per the reports, the SpendTheBits company has been making use of the open-source blockchain technology of XRP Ledger to battle against long delays and high cost Bitcoin transfers. As per amicus curiae document, just because the STB used Ripple’s technology, the application can now burn 0.00005 XRP in every transaction.
The document also briefs about STB’s launch in Canada where the firm asserts that the main reason for STB to opt Canada against the US is because of SEC’s stand in XRP lawsuit.
It was on October 28th that the US District Court Judge, Analisa Torres allowed Investor Choice Advocates Network and STB to file their amicus curiae briefs.
On the other hand, there are many firms who are standing as a support to Ripple against the SEC lawsuit. The Blockchain Association has claimed via twitter that they will be the recent ones to file for amicus curiae.
1/ Today we announced we filed an amicus brief supporting a correct interpretation of Howey in the SEC’s two-year legal battle against @Ripple.— Blockchain Association (@BlockchainAssn) October 28, 2022
A judge now has the opportunity to issue a substantive opinion on how Howey applies to digital assets.
Here's what's at stake🧵🧵🧵
However, though there are requests from various companies to be an amicus curiae and even though most of them have already filed the briefs, the SEC has previously mentioned that its decision will not be dependent on any briefs.