The Chamber of Digital Commerce has been officially conferred with Amici Curiae status in the Ripple vs. SEC class action.
Judge Analisa Torres has granted a request made by the Chamber of Digital Commerce to file an amicus curiae brief in the ongoing lawsuit between the Securities and Exchange Commission (SEC) and Ripple.
The decision was made yesterday after the court reviewed the Chamber of Digital Commerce’s request and the responses filed by the parties – Ripple and SEC.
“The Court has reviewed the request by the Chamber of Digital Commerce for leave to file an amicus curiae brief, ECF No. 632, and the parties’ responses, ECF Nos. 644, 646. Accordingly, the request is granted,” an excerpt of the order reads.
Following the order, the Chamber of Digital Commerce must officially file its brief on or before September 26, 2022.
The development was also announced by the Chamber of Digital Commerce on Twitter.
UPDATE: @SECGov v. @Ripple – Today the court approved our motion and shortly thereafter, @digitalchamber filed its brief with the court. It is the same brief that was attached as an exhibit to the motion filed last week. Thank you to @LilyaTessler & @SidleyLaw! #CryptoConundrum
— Chamber of Digital Commerce (@DigitalChamber) September 21, 2022
Easy Decision Following Parties’ Consent
It is noteworthy that Judge Torres did not have a tough time approving the request because both the SEC and Ripple did not object to the move.
However, in the SEC’s response to the Chamber’s request, the commission said it would require extra time and pages to file an opposition if another third party files an additional amici curiae brief.
This suggestion did not go down well with Ripple. The Silicon Valley tech company believes the suggestion is a plot by the SEC to further delay the lawsuit’s outcome. Thus, asking the court to reject the SEC’s demand or allocate the same number of pages to the company.
Court Approves Another Motion to Curb Further Delays
Meanwhile, Judge Torres also approved a recent motion jointly filed by Ripple and the SEC. The motion seeks to ensure that all sealing motions by third parties should be due by December 9, 2022, while all oppositions will also be due by December 22, 2022.
The move is to prevent any further delay in the lawsuit’s outcome. Former U.S. federal defense lawyer James K. Filan made this known yesterday on Twitter.
Motion granted. Any motions to seal by third-parties are due by December 9, 2022, and any oppositions to those motions are due by December 22, 2022.
— James K. Filan 🇺🇸🇮🇪 113k (beware of imposters) (@FilanLaw) September 21, 2022
Attorney Deaton Predicts Date of Lawsuit’s Conclusion
Meanwhile, the lawsuit has taken a huge toll on XRP investors, who have seen the value of their holdings decline by a large margin. Since it became known that Ripple would be charged by the SEC for allegedly violating U.S. securities law, the price of XRP has plunged from an all-time high of $3.4 to a paltry $0.4.
Following a massive dip in XRP price, investors are eager to see the lawsuit come to an end in Ripple’s favor.