- The Chamber of Digital Commerce (CDC) stated a motion of leave to file Amicus Brief in the SEC vs Ripple.
- The document is filed in the District Court of the Southern District of New York.
Amicus Brief Filing by CDC
An American Advocacy Group, CDC, that represents digital assets and blockchain industry, submitted an Amicus Brief on September 14, 2022. In which the Founder and CEO of CDC, Perianne Boring, stated that “SEC v. Ripple represents an opportunity for the court to shape the legal framework and rules of the road for the digital assets industry.”
She furthermore added in her statement that, “Our preference would always be action by policymakers to set a clear and consistent set of rules for our industry. Absent that, however, this case appears to be a precedent-setting forum that will influence the digital asset marketplace in the U.S. moving forward.”
The CDC also shared a post on its official Twitter account on September 15, 2022.
It must be noted that the battle between SEC and Ripple was started in 2020 in which the SEC claimed that Ripple’s XRP token was a security.
Lilya Tessler, Partner, head of FinTech and Blockchain, Sidley Austin LLP also mentioned that “I am delighted to represent the Chamber in this monumental case considering the recurring legal issues that the blockchain community encounters on a daily basis.”
Lastly, Boring continued as, “There is little to no clarity on the applicability of long-standing securities law for digital assets previously bought in an investment contract and later sold in a commercial or technology transaction. This lack of clear regulatory guidance is creating a significant and unprecedented degree of confusion for the industry and investors.”
This Amicus Brief was not the first time, CDC previously filed an Amicus Brief in the 2020 SEC vs Telegram litigation.
Source: https://www.thecoinrepublic.com/2022/09/15/crypto-advocacy-group-filed-amicus-brief-in-sec-vs-ripple/