Ripple vs SEC: Another Crypto Platform Comes In Support Of Ripple In Its Case Against SEC

Cryptilian payment systems wrote an email yesterday addressed to Judge Analysa Torres in regard to the Ripple vs SEC lawsuit case. The company filed an amicus brief supporting Ripple’s opposition to the Security Exchange motion for summary judgment. In the email, it was made clear that Cryptilian has nothing to do with the defendant but that they are ready to defend XRP against the SEC. 

Cryptillian said that it is interested in the lawsuit since XRP is one of the crypto assets it supports.

Cryptillian requested the court to use its discretion and let the proposed brief be filed because it “has a unique viewpoint to offer the Court that will assist the Court to resolve the suit for summary judgment.”

Cryptillian invalidated the Securities and Exchange Commission’s assertion that all Ripple transactions violate the Securities and Exchange Act of 1934. 

Cryptillian Joins Hands With Other Firms in Support for Ripple

More than 11 organizations have filed an amicus brief supporting XRP in the Ripple Vs SEC case. Some of the Organisations include; ICAN, Coinbase, Blockchain Association, I-Remit, the Crypto Council for Innovation, Tapjets, and John Deaton on behalf of more than 75,000 XRP investors.

Since late 2020, there has been a beef from the purported illegal sale of more than $1 billion worth of XRP, according to the SEC. Ripple refuted these claims, arguing that nothing was illegal, for it was not security.

Ripple price has recently increased by more than 30%, although the market has been unstable. The coin is currently trading at $0.46, according to coinmarketcap. According to analysts, if the defendant (XRP) wins the Ripple Vs SEC case, the prices may surpass Ripple’s all-time high of $3.37.

Meanwhile, other businesses have pledged their support for Ripple’s legal battle with the SEC. Lawyer Jeremy Hogan says that in a trial-level case like Ripple vs SEC, there are many amicus curiae briefs because Judge Torres knows how complicated the situation is.

The attorney took to Twitter to explain why Judge Analysa has allowed many amicus briefs in this particular case.

“Amicus briefs are often filed in high-profile courts where complicated disputes are settled,” says attorney Hogan.

Lawyer Jeremy Hogan hopes Judge Analyst knows how the lawsuit will affect the cryptocurrency industry. If Ripple wins the case, SEC will need to establish better regulations that will enable Crypto to thrive. If the blockchain business loses the litigation, SEC may continue to regulate the sector via enforcement.