1 year ago
Support for Ripple Labs successful its combat against the U.S. Securities and Exchange Commission (SEC) implicit xrp has grown, with 12 amicus briefs filed. “It’s unprecedented,” Ripple CEO Brad Garlinghouse said, adding that each little explains successful its ain unsocial mode “the irreparable harm the SEC volition bash to each facet of the U.S. crypto system if it gets its way.”
12 Amicus Briefs Filed successful Support of Ripple
A increasing fig of amicus briefs person been filed successful enactment of Ripple Labs arsenic the institution continues to combat the U.S. Securities and Exchange Commission (SEC) suit implicit the merchantability of XRP. Twelve amicus briefs person been filed connected behalf of Ripple truthful far, including 1 by the Nasdaq-listed cryptocurrency speech Coinbase, which was among the archetypal trading platforms to delist XRP pursuing the SEC’s lawsuit.
Ripple CEO Brad Garlinghouse tweeted Friday:
For those of you keeping count, 12 amici briefs submitted. It’s unprecedented (I’m told) to person this hap astatine this stage. They each explicate — successful their ain unsocial mode — the irreparable harm the SEC volition bash to each facet of the U.S. crypto system if it gets its way.
Besides Coinbase, different individuals, companies, and organizations that person filed amicus briefs connected behalf of Ripple are ICAN, I-Remit, Tapjets, Spendthebits, Blockchain Association, John E. Deaton, Crypto Council for Innovation, Valhil Capital, Chamber of Digital Commerce, Cryptillian Payment Systems, and Veri Dao LLC.
With the increasing fig of amicus briefs filed connected behalf of Ripple, the SEC asked the tribunal for much clip to reply to them. On Friday, the tribunal granted the agency’s question to widen the clip for each parties to record and reply to amicus briefs. The deadline for filing amicus briefs is present Nov. 11 and replies indispensable beryllium filed by Nov. 30.
Commenting connected the SEC seeking much clip to reply to each the amicus briefs filed, Stuart Alderoty, wide counsel for Ripple, tweeted Thursday:
A twelve autarkic voices — companies, developers, exchanges, nationalist involvement and commercialized associations, retail holders — each filing successful SEC v Ripple to explicate however dangerously incorrect the SEC is. The SEC’s response? We request much time, not to perceive oregon engage, but to blindly bulldoze on.
The securities regulator sued Ripple, its CEO, and co-founder Chris Larsen successful December 2020 implicit the merchantability of XRP, alleging that the crypto token is simply a security.
Garlinghouse said past period that helium expects an answer successful the archetypal fractional of 2023, noting that Ripple would see a colony with the securities watchdog if the regulator states that XRP is not a security. The enforcement stressed that the XRP lawsuit is not conscionable astir Ripple but the full crypto industry.
SEC Chairman Gary Gensler has said connected respective occasions that portion bitcoin is simply a commodity, astir different crypto tokens are securities. However, the SEC has been criticized for taking an enforcement-centric approach to regulating the crypto industry. In addition, 4 U.S. lawmakers sent a missive to Gensler this week accusing him of “hypocritical mismanagement” of the SEC and refusing to “practice what helium preaches.”
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Do you deliberation the SEC oregon Ripple Labs volition triumph this case? Do you deliberation the SEC volition state that XRP is not a security? Let america cognize successful the comments conception below.
Kevin Helms
A pupil of Austrian Economics, Kevin recovered Bitcoin successful 2011 and has been an evangelist ever since. His interests prevarication successful Bitcoin security, open-source systems, web effects and the intersection betwixt economics and cryptography.
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