SEC Gets More Time To Oppose Amicus Request by XRP Holders

Judge Analisa Torres has granted the SEC more time to oppose the desire of XRP holders to take part in the briefing process

SEC Gets More Time To Oppose Amicus Request Permission by XRP Holders
SEC Gets More Time To Oppose Amicus Request by XRP Holders

SEC To Argue Against XRP Holders’

Before the testimony of SEC witness Patrick Doody, the six people who owned XRP filed a request for amici status so they could join the briefing process.

Judge Analisa Torres gave the SEC’s legal team until June 7 to argue against XRP holders’ plans to step in. At first, May 31 was the deadline. But because of a holiday coming up and other briefing deadlines, the SEC asked for more time.

The defendants and the council for amici curiae did not say anything against what the SEC wanted. But any answers to the SEC’s objections must be given by June 10.

Earlier, attorney John Deaton filed a motion to intervene on behalf of the XRP community last October, but the court denied it. Still, six XRP holders were given amicus status, which means they will be able to help the court in the case against Ripple Labs.

Ripple To look into IPO After Lawsuit

This week, Brad Garlinghouse, the CEO of Ripple, told CNBC at the World Economic Forum in Davos that the company is likely to look into an initial public offering (IPO) once the SEC’s lawsuit against Ripple Labs is over.

Even though the lawsuit has been going on for almost 15 months, Garlinghouse said that Ripple is ready to go public because it has been getting stronger even while the lawsuit has been going on. More and more new customers, mostly from outside the U.S., have been joining the company.

The CEO also said that he doesn’t think most cryptocurrencies will make it into the future. As the CNBC host pointed out, there are already 19,000 cryptocurrencies.