Payments firm Ripple Labs and some of its top executives are objecting to a motion by the U.S. Securities and Exchange Commission (SEC) to seek more time or room to respond to potential new filings.
Ripple Labs, its CEO Brad Garlinghouse and its executive chairman Chris Larsen said in a filing dated September 20th that the SEC is engaging in a transparent attempt to delay the resolution of the lawsuit in which the markets regulator alleges the payments firm issued XRP as an unregistered security.
According to the defendants, the SEC should be denied more time or room to respond to additional briefs filed by amici curiae. Crypto advocacy group Chamber of Digital Commerce had earlier this week sought the courts permission to file an amicus curiae brief.
Defendants Ripple Labs Inc., Bradley Garlinghouse and Christian A. Larsen respectfully submit this letter in response to the Chamber of Digital Commerce’s motion for leave to file an amicus curiae brief and the SEC’s response thereto.
Defendants take no position on the Chamber of Digital Commerce’s motion. We write, however, to address the SEC’s suggestion that it intends to seek additional time for its opposition and additional pages if other amici curiae submit briefs. This is yet another transparent attempt to further delay resolution of this case and the court should reject it.
Ripple says that the SEC should strictly follow the previously agreed-upon schedule.
Courts do not ordinarily grant parties additional pages to respond to arguments made by amici, even in cases with significant amicus interest. The SEC is free to use the already-allocated space in its opposition and reply briefs to address arguments raised by amici, and to do so on the already-established briefing schedule, just as defendants are. The Court should not countenance the SEC’s request.
The SEC declared its intention to seek more room and time earlier this week in a court filing dated September 19th.
The SEC respectfully submits this response to the motion by the Chamber of Digital Commerce for leave to file an amicus curiae brief. The SEC takes no position on the Motion, but respectfully requests that, in the event the Motion is granted, the SEC be able to respond to the Motion as part of its brief in opposition to Defendants’ motion for summary judgment on October 18, 2022. The SEC may seek further relief from the Court (including additional time for its response and/or additional pages for its October 18 opposition brief in the event additional amicus curiae briefs are allowed.
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