SEC gets more support in XRP lawsuit against Ripple

Three more companies and organizations have requested to weigh in on the ongoing lawsuit the U.S. Securities and Exchange Commission (SEC) filed in 2020 against Ripple Labs Inc.

See related article: What is XRP and what is Ripple?

Fast facts

• Sports investing group New Sports Economy Institute and investment consultancy Accredify, also known as InvestReady, this week filed a motion to submit an amicus brief in support of the SEC.

• Reaper Financial, a crypto firm focusing on acquiring and burning digital assets, also submitted a motion this week to file an amicus brief to support Ripple.

• In December 2020, the SEC filed a lawsuit against Ripple and its executives, alleging the sale of XRP constituted an offering of unregistered securities worth over US$1.38 billion.

• An amicus brief is typically submitted by an individual or organization that is not a party to a case but intended to influence the court’s decision.

• Last week, Analisa Torres, district judge of the U.S. District Court for the Southern District of New York granted the SEC’s request to extend the deadline for all parties to file reply briefs from Nov. 15 to Nov. 30, and to modify the page limit for reply briefs from 45 to 55 pages.

• XRP traded up 9% in the past 24 hours to change hands at US$0.3922 at 4:30 p.m. in Hong Kong, but it has lost 15.9% in the past seven days, according to data from CoinMarketCap.

See related article: Digital wallet Cryptillian seeks to back Ripple against SEC in XRP lawsuit