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Alderoty Says Numerous Amicus Briefs Supporting Ripple Shows “How Dangerously Wrong SEC Is” 

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Ripple’s General Counsel has slammed the SEC for requesting a time extension to reply to all amicus briefs in the ongoing lawsuit.

Ripple’s General Counsel, Stuart Alderoty, has reacted to the Securities and Exchange Commission’s request for a time extension to file all parties’ reply briefs, including amicus curiae briefs. In a letter dated November 3, 2022, the SEC asked the court to extend the deadline for filing reply briefs to the parties’ motion for summary judgment. 

According to the Securities and Exchange Commission, the deadline should be extended from November 15, 2022, to November 30, 2022.  

“The SEC respectfully requests that the date for the parties to file their sealed reply briefs be extended from November 15, 2022, to November 30, 2022,” an excerpt of the letter read.  Notably, the SEC also asks the court that any additional amicus briefs should be filed no later than November 11, 2022. The SEC added that Ripple agreed to its request. 

Numerous Amicus Briefs Filed 

In the past months, several enterprise and trade associations have filed amicus curiae briefs in the SEC vs. Ripple lawsuit. Interestingly, all amicus briefs in the suit have been in support of the blockchain company against the SEC. 

The parties explained in their respective amicus curiae briefs that the SEC is wrong for claiming that XRP is a security. However, the Securities and Exchange Commission is yet to reply to any amicus briefs, as it is planning to file a single reply to all parties’ briefs. Thus, with Ripple’s consent, the agency has requested a time extension to file a concise reply brief by November 30, 2022.

Ripple’s General Counsel Response

Reacting to the agency’s recent requests, Ripple’s General Counsel said the numerous amicus briefs in the case explain “how dangerously wrong the SEC is.” 

He added that the only response the SEC could give on the increased number of amicus briefs filed is that it needs more time to “blindly bulldoze on.”

Alderoty is one of several crypto stakeholders who have been vocal about the Securities and Exchange Commission’s stringent regulatory approach in the burgeoning market. Ripple’s General Counsel said earlier this year that the SEC’s regulatory approach in the industry shows it is protecting its turf at the expense of U.S. investors.

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Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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