In another twist of the legal tussle between the U.S. Securities and Exchange Commission (SEC) and Ripple, the U.S. blockchain company has filed a motion objecting to the SEC’s suggestion that it will need more time or pages to respond to briefs submitted by amici curiae.
The latest dispute is arising from a motion filed last week by the Chamber of Digital Commerce, which has been granted friend of the court – amicus curiae – status. In its response to the court, the SEC said it would need more time and pages to file a response if any other amici curiae are allowed to file briefs.
As highlighted on Twitter by attorney James K. Filan, a legal practitioner avidly following the proceedings of the case, the latest motion submitted on behalf of the Ripple defendants, Ripple CEO Brad Garlinghouse and co-founder Chris Larsen, states that the SEC’s suggestion is another attempt to delay the resolution of the case.
Citing case histories, the defendants argue in their motion that courts do not usually grant additional time and pages for parties to respond to amici briefs, and so the presiding judge should also reject the SEC’s suggestion. It added that should the SEC be entertained in its requests; the change should also apply to Ripple.
“To the extent the SEC suggests that any extension or additional pages should be granted to the SEC alone, Defendants strongly object to that suggestion as improper. No change is required, but should the Court grant any change to its briefing order, it should apply equally to both sides,” the motion said.
Ripple further noted that it is not surprising that many third parties seek to submit briefs in the case. This is because it considers it to have been long apparent that the SEC’s “novel and overbroad theory threatens an unwarranted expansion of its regulatory authority beyond what Congress permitted.”
How soon could there be a resolution of the SEC vs Ripple case?
The latest turn in the case comes after Ripple and the SEC had filed motions for the case to proceed to summary judgment. The motions filings, which got the hopes of the XRP community up, suggested that neither party was seeking for the case to move to a full trial.
However, the case, which began in December 2020, is yet to have a date of resolution as both the SEC and Ripple have held onto their arguments – the SEC saying XRP is a security while Ripple maintains that it is not.
In a recent development xabar by Bloomberg, Ripple has even filed a motion in the Federal court in Manhattan seeking to throw the case out of court on the grounds that XRP holders have no contracts or rights with the blockchain company Ripple.