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The US Securities and Exchange Commission (SEC) has filed a fresh petition with the court demanding an extension to the time it has to respond to the several amicus briefs backing Ripple Labs.
The SEC has formally sought extra time to reply to the papers, defense lawyer James K. Filan who has been carefully following the case, said on Twitter while showing the SEC’s motion to Judge Torres dated November 3.
“SEC v. Ripple – The SEC has filed a Motion to Extend the Time to file all parties’ Reply Briefs until November 30, 2022 and asks the Court to Order that any additional Amicus Briefs be filed by November 11, 2022. Ripple consents. New dates in motion.”
Commenting on the motion, Ripple’s defense council Stuart Alderoty said that the regulator remains unwilling to make the slightest move towards changing its perception:
“A dozen independent voices – companies, developers, exchanges, public interest and trade associations, retail holders – all filing in SEC v Ripple to explain how dangerously wrong the SEC is.
The SEC’s response? We need more time, not to listen or engage, but to blindly bulldoze on.”
Jeremy Hogan, another crypto law specialist who has been covering the legal battle since it started, stated earlier this week that the amicus papers filed are severely undermining the SEC’s position. Hogan said:
“One of the things you see when you look at these amicus briefs is that some parts are filling in the holes for Ripple and some parts are making new holes in the SEC’s argument.”
In late 2020, the SEC sued Ripple Labs for allegedly selling its native token XRP as an unregistered security, and now various amicus briefs which include the support of crypto exchange Coinbase, are attempting to show the SEC wrong.