How New Entry Can Push SEC For Clear Crypto Rules

The long running legal tussle between US SEC and Ripple will surely leave the global crypto industry with broad clarity over regulations. In order to ensure seek clear directive, the court has granted the motion to file Amicus Brief in the Ripple lawsuit.

New entry in Ripple lawsuit

Attorney Jame’s Filan in a tweet mentioned that the court reviewed the request of the Chamber of Digital Commerce for leave to file an Amicus Curiae Brief and the parties’ response. He added that the judge has granted the Chamber’s request.

Digital Chamber rejoiced in this decision of the court in the Ripple lawsuit. It informed that they have filed their brief with the court. However, they are the same that were attached as an exhibit to the motion filed earlier in the Ripple lawsuit.

In the briefs, Digital Chamber has mentioned that its interest lies in fostering regularity certainty and compliance. The organization regularly submits briefs as Amicus Curiae in cases that hold the interest in the crypto and blockchain community. It specified that it seeks huge interests which have novel questions of law.

What does Chamber seek in the case?

As per Briefs, Chamber urges the court to recognize certain things when the decision is filed in the Ripple Lawsuit. It asks for a well settled law that can be applied to determine if an ICO constitutes an investment contract. The court needs to decide when an investment contract is itself a security.

Earlier, John Deaton, Amicus Curiae in the Ripple lawsuit suggested that the SEC is arguing that offshore exchange sales can land into its jurisdiction.

Meanwhile, Filan also reported that the court has also granted both parties’ motion to seal. Now, any motion to seal by third parties is due by December 9, 2022. Any opposition to those motions will be due by December 22, 2022, in the Ripple lawsuit.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

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