Ripple Over Wind, SEC Only Supported One Company

Ripple has more support from big companies than the SEC. (Photo; Doc. Coinatory)

JAKARTA Ripple's legal feud with the US Securities and Exchange Commission (SEC) is in the stage of filing amicus theft or a court friend to apply for support from third parties. Ripple has the support of 14 leading companies including Coinbase, TapJets, and I-Remit, which have already submitted amicus theft to court to provide support for Ripple.

While one company that intends to support the SEC, Accredify is now an InvestReady, has failed to file an amicus theft motion at a predetermined deadline. Ripple attorney Jeremy Hogan pointed out this while sharing information updates from James K. Filan about the stolen amicus proposed so far.

Accredify failed to apply Amicus Brief on behalf of the SEC at last night's deadline. So that leaves a final tally of 14 for Ripple and 1 for the SEC," wrote Jeremy Hogan in a Twitter post, November 19, 2022.

On the Ripple side, a formal 14 amicus briefing was submitted by different entities such as the Digital Chamber of Commerce, TapJets, I-Remit and others.

For information, Accredify is a company that helps verify investor eligibility for online equity investment, seeking court permission to apply for amicus theft to support SEC's motion for summary assessment.

In his proposed briefing, InvestReady stated that the argument raised by Ripple "is a card house that falls faster than the Luna price." InvestReady also claims that the cryptocurrency XRP is a security because it is driven by a centralized entity.

Even so, InvestReady (Accredify) was unable to submit an official briefing for not meeting the November 18 deadline, leaving the SEC with only one supporting amiccusIE.

Ahead of the November 18 deadline, the New Sport Economy Institute has officially proposed a stolen amicus to support the SEC, confirming that Howey's test remains a "gold standard".

As reported by U.Today, the parties are expected to submit their official reply briefings on November 30, and a page limit to be set on 55 pages, in which responses to the amicus briefing are contained. At this point, all briefings are expected to be completed, and the final decision of Judge Torres will be awaited.