SEC Gets Some Support in Form of Amicus Briefs in its Lawsuit Against Ripple

After dozens of amicus briefs filed by Ripple partners in support of the firm’s summary judgement motion, SEC too gets some support.

In the latest development in SEC-Ripple lawsuit, two companies; Sports investing group New Sports Economy Institute and investment consultancy Accredify, have written a letter to US District-Court Judge Analisa Torres requesting to allow their amicus briefs in support of the agency’s summary judgement motion.

James K. Filan, a member of Ripple’s legal team, reacted to development with taunt, as he expected no further support for the SEC.

It is notable that so far 12 independent companies have filed amicus briefs in support of Ripple’s summary judgement motion. The list includes the single largest crypto exchange in the US, Coinbase, and blockchain association.

Now, while the recent amicus briefs in SEC’s support may benefit the agency a bit, it is still falling too far behind. Experts all across the spectrum are calling out the SEC for their absurdly fragile lawsuit.

In his recent tweet, Stuart Alderoty, in response to Gary Gensler’s interview with CNBC, in which he stated that in crypto investors need more protection as people may fall prey to celebrity promotion, stated:

“The only runway that’s running out is these worn out (and frankly false) talking points from SEC Chair @GaryGensler. His insistence on elevating the SEC’s quest for power over effective regulation in this country is creating deep financial damage” .

Moreover, currently crypto is going through its worst days. The Bitcoin crashed to $15.5k just yesterday, the lowest level since November, 2020.