To support the U.S. Securities and Exchange’s lawsuit against Ripple, the New Sports Economy Institute (“NSEI”) has asked the court to accept an amicus brief. In its proposed brief, NSEI makes the case that the cryptocurrency XRP, which is linked to Ripple, is a “speculative tool” supported by the greater fool principle. The SEC backer […]
, NSEI makes the case that the cryptocurrency XRP, which is linked to Ripple, is a “speculative tool” supported by the greater fool principle.
A “short peek” at XRP-related chats, according to the movant, indicates that “the vast majority of these people” are not there to talk about how they are “consuming” the token. Cryptocurrencies, according to the New Sports Economy Institute, are fledgling assets that people can only trade and not invest in. They do not provide cash flow.
Analisa Torres, district judge of the U.S. District Court for the Southern District of New York, granted the SEC’s request last week to change the reply briefs’ page limit from 45 to 55 pages and to extend the deadline for all parties to submit reply briefs from Nov. 15 to Nov. 30.A renowned U.S. attorney claims that the amicus brief submitted in support of the SEC’s lawsuit against Ripple is “a research paper.
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