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SEC alters strategy as Defendant secures major win on Amici status fight

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The Ripple vs. SEC case is getting intense as ever as the new summary judgment schedule came to life. The date for filing statements on undisputed facts and motion for summary judgment stands to be 13 September 2022.

The last date to file oppositions for the motions for summary judgment and responses is by 18 October 2022.

So who’s facing the heat this time?

Broken shield 

Well, that’s exactly the case as the regulatory watchdog attempted to shield claims over the William Hinman speech and related motions. One of which is to revoke the amici curiae status granted to XRP holders. Nonetheless, the apparent protection went in vain.

Furthermore, as per recent updates shared by the famed attorney, James K. Filan, Judge Torres denied the SEC’s motion to revoke amici status and bar Cryptolaw founder, John Deaton from further involvement.

Although, ‘Amici can’t participate in the expert challenge now but may file an application to brief concerns with SEC’s expert at summary judgment,’ James K. Filan added.

This fell in line with three of Judge Netburn’s orders in a single brief before. Herein, the court ordered or rather permitted this group to act as ‘amici curiae’. Further, the filing added, ‘such assistance will be most beneficial during a briefing on dispositive motions.’

Needless to say, XRP enthusiasts indeed celebrated this win as depicted on the social media platform. Attorney Jeremy Hogan, partner at Hogan & Hogan, in a 27 July tweet asserted,

Whereas, the man of the hour, crypto law founder John Deaton chose more of a neutral tone to celebrate this development. Deaton opined,

https://twitter.com/JohnEDeaton1/status/1552057199278555137

Additionally, Fox Business reporter, Eleanor Terrett took a more ‘win-win’ scenario path to highlight this news.

Should one say goodbye?

No, certainly not with the SEC. The SEC filed its objections to Magistrate Judge Netburn’s Ruling concerning Hinman. Filan tweeted about this filing on the social media platform.

The filing further added,

“The orders should be set aside as clearly ‘erroneous and contrary’ to law because the speech drafts are not relevant to any claim or defense in this case.”

However, does it stand a chance in court? John Deaton, certainly doesn’t think so. He opined, ‘I’ve read Judge Netburn’s decision. No way SEC wins this argument. Judge Netburn ruled in SEC’s favour more than not.’

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Shubham is a full-time journalist at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on crypto-regulations across the United States and Europe. Also, a die-hard Chelsea fan #KTBFFH.

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