SEC receives further backing in XRP case against Ripple

The United States SEC filed a complaint against Ripple Labs Inc. in 2020, and three more firms and organizations have asked to be heard on the matter.

The New Sports Economy Institute and Accredify, commonly known as InvestReady, filed a request to submit an amicus brief in Favour of the SEC this week.

This Monday, Reaper Financial, a cryptocurrency company focused on collecting and destroying digital assets, filed a move to write an amicus brief in Favour of Ripple.

The SEC filed a complaint against Ripple and its officials in December 2020, stating that the sale of XRP constituted an unregistered issue of securities worth over US$1.38 billion. Amicus curiae briefs are often filed by non-parties to a case who want to influence the court’s judgement.

Judge Analisa Torres of the U.S. District Court for the Southern District of New York approved the SEC’s request last week to extend the deadline for all parties to submit reply briefs from November 15 to November 30 and to increase the length limit for reply briefs from 45 to 55 pages.

XRP traded up 9% in the previous 24 hours to reach US$0.3922 at 4:30 p.m. in Hong Kong, according to statistics from CoinMarketCap, although it has lost 15.9% in the past seven days.

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