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XRP LAWSUIT: Holders Of XRP Allowed To File Briefs


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This isĀ huge news for XRP holders.

The latest reports indicate that the judge presiding over the XRP case will allow holders of the asset to file briefs in court, as any ruling against Ripple labs could spell trouble for their investments.

Proponents of the token are hopeful that this will sway the courts.

SEC officials have been making their case, but it appears to be weak, and they appear to be on the defensive here.

As a disclosure, I own some XRP as a part of my crypto portfolio.

Here are the latest developments:

U Today provided an update:

Federal Judge Analisa Torres has denied XRP holders’ motion to intervene in the U.S. Securities and Exchange Commission’s case against blockchain company Ripple since it would “unduly delay the action.”

There is, however, a silver lining. The movants can now proceed as amici curiae (Latin: ā€œfriends of the courtā€), meaning that they will be able to file briefs:

 

Finance Feeds had more details:

The Securities and Exchange Commission is seeking a protective order relieving the SEC of any obligation to respond to 29,947 requests for admission by the Defendants during the final six hours of fact discovery, on August 31.

The Plaintiff argues these requests impose an extreme, disproportionate, and unnecessary burden on the agency. The agency also reminded the Judge that Courts routinely disallow much less burdensome and excessive requests on the grounds that they are ā€œabusive, unreasonable, and oppressiveā€.

The SEC also informed the Court that it spent more than 100 hours responding to 254 requests. At that rate, the Plaintiff would need over 473 days to complete the task.

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