The Ripple vs SEC lawsuit on XRP sales has recently gained further momentum as both parties push for an amicable closure. However, the SEC is feeling the pressure of more parties joining the case as friends of the court. Reportedly, the SEC requested the court to postpone the deadline for parties to submit their confidential responses to November 30, according to defense attorney James Filan.
In addition, the agency requested that the deadline for submitting further amicus petitions be moved forward to November 11. As a result, the court has granted the SEC’s request to extend the deadline for submitting its responses.
The US SEC had urged the court to change the orders for filing replies to the motion. The SEC also needed more time to file proposals to close the summary judgment.
Earlier, according to attorney James Deaton, the SEC had submitted a petition to extend the deadline for submitting reply briefs from all parties.
Is the SEC About to Lose the Ripple Case?
The number of supporters in the Ripple vs SEC case has dramatically increased in the past few months. Twelve crypto companies, including Coinbase, have filed an amicus brief supporting Ripple. At the latest, Judge Analysa Torres received an amicus letter from Veri DAO LLC. Veri DAO has requested that an amicus brief be submitted in the Ripple vs SEC lawsuit.
Consequently, Ripple has concurred with the new dates, awaiting the Judge’s approval. Considering the massive support from other crypto entities, Ripple’s CEO tweeted.
The massive support is likely due to the fact that the ruling will affect almost all altcoins except for Bitcoin. Furthermore, most crypto tokens are used by the respective companies to raise capital from global investors via complex smart contracts.
The XRP community had anticipated a decision on the Ripple v. SEC petitions for summary judgment by mid-November. Moreover, the XRP price has gained traction in the past few weeks and is currently trading around $0.5, up 8 percent in the past 24 hours. The XRP coin has remained in the top ten despite the ongoing lawsuit. Thereby demonstrating its resilience amid increased competition from other blockchains.
According to the latest market data, the XRP market has a valuation of approximately $25 billion and a daily average volume of around $3 billion.
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