12 companies and associations are so far supporting Ripple against SEC.
Garlinghouse reacts to the increased number of amicus briefs submitted in the SEC suit.
The ongoing lawsuit between the SEC and Ripple has continued to attract much interest from XRP holders, fintech companies, and trade associations. For many people, the lawsuit is seen as the cryptocurrency trial of the century. The outcome of the case would play an integral role in determining the direction of cryptocurrency regulation.
Some legal experts believe a win for Ripple may prompt Congress to mandate the SEC to provide clearer regulation for the emerging market. However, if the blockchain company loses, the SEC will continue its “regulation by enforcement” practice.
Numerous Amicus Briefs Submitted
Knowing the importance of the suit, several companies, trade associations, and XRP holders represented by attorney John Deaton have filed amicus briefs in support of Ripple. As reported, attorney Jeremy Hogan, a partner at Hogan & Hogan law firm, said Judge Analisa Torres has allowed numerous briefs to be submitted at the trial level of the lawsuit because she understands the case’s complexity.
A dozen amicus briefs have been filled in the Ripple vs. SEC case. The enterprise and trade organizations that have submitted amicus briefs in the suit include:
- Chamber of Digital Commerce
- TapJets
- I-Remit
- Investor Choice Advocates Network (ICAN)
- Blockchain Association
- SpendTheBits
- Coinbase
- Cryptillian Payment Systems.
- Crypto Council for Innovation (CCI)
- Valhil Capital LLC
- Veri DAO LLC, and
- Attorney Deaton, on behalf of over 75K XRP holders.
Ripple CEO React
Brad Garlinghouse, CEO at Ripple, took to Twitter to react to the increase in the number of Amicus Briefs filed in the Ripple vs. SEC suit. Garlinghouse said he was told that it’s unprecedented to see a dozen amicus briefs filed in a trial-level case like the ongoing lawsuit between Ripple and the SEC.
He added that these amicus briefs explained how the U.S. economy would be affected if the SEC is allowed to have its way in the case.
For those of you keeping count, 12 (!) amici briefs submitted. It’s unprecedented (I’m told) to have this happen at this stage. They each explain – in their own unique way – the irreparable harm the SEC will do to every facet of the US crypto economy if it gets its way. https://t.co/Na9fWq3GvO
— Brad Garlinghouse (@bgarlinghouse) November 3, 2022
The SEC claims that XRP is a security, adding that Ripple violated U.S. securities laws by offering the asset class to investors. Ripple has continued to refute this claim. The blockchain company said the SEC could not establish a legal theory to back its claim that XRP is a security.
Meanwhile, Garlinghouse’s comment comes a few hours after Ripple’s General Counsel, Stuart Alderoty, slammed the SEC for requesting a time extension to file a single motion in reply to the dozen amicus briefs submitted in the suit.
While a dozen amicus briefs have been submitted, many people expect more to be filed in support of Ripple in the coming days. However, the SEC requests that the court order that any additional amicus briefs be filed no later than November 11, 2022.
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Source: https://thecryptobasic.com/2022/11/04/heres-the-list-of-amicus-briefs-supporting-ripple-against-sec-garlinghouse-says-its-unprecedented/?utm_source=rss&utm_medium=rss&utm_campaign=heres-the-list-of-amicus-briefs-supporting-ripple-against-sec-garlinghouse-says-its-unprecedented