With 12 amicus briefs being filed, Ripple Labs has received more support in the fight against U.S Securities and Exchange Commission (SEC). “It’s unprecedented,” Ripple CEO Brad Garlinghouse said, adding that each brief explains in its own unique way “the irreparable harm the SEC will do to every facet of the U.S. crypto economy if it gets its way.”
12 Amicus Briefs in Support of Ripple
As Ripple continues its fight against the U.S Securities and Exchange Commission’s (SEC), lawsuit regarding the sale of XRP, a growing number amicus briefs has been filed to support Ripple Labs. Twelve amicus briefs have been filed on behalf of Ripple so far, including one by the Nasdaq-listed cryptocurrency exchange Coinbase, which was among the first trading platforms to delist XRP following the SEC’s lawsuit.
Brad Garlinghouse, CEO of Ripple, tweeted this Friday
You have 12 amici briefs. 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 U.S. crypto economy if it gets its way.
Other than Coinbase and Tapjets, Spendthebits as well as ICAN and I-Remit have also filed amicus shorts for Ripple.
Due to an increasing number amicus briefs being filed for Ripple’s benefit, the SEC asked that the court be allowed more time to address them. Friday was the Court granted the agency’s motion to extend the time for all parties to file and reply to amicus briefs. Amicus briefs are due by November 11th. Replies must be received no later than Nov. 30.
Stuart Alderoty (general counsel at Ripple), tweeted Thursday, commenting on the SEC’s request for more time to respond to all amicus briefs.
A dozen independent voices — companies, developers, exchanges, public interest and trade associations, retail holders — all filing in SEC v Ripple to explain how dangerously wrong the SEC is. The SEC’s response? The SEC’s response?
Ripple and Chris Larsen were both sued by the Securities regulator in December 2020 for the sale of XRP. They claimed the token was a security.
Garlinghouse stated last month that he expected an answer by the end of the first quarter 2023. He also noted that Ripple could consider a settlement agreement with the securities regulator if it is determined that XRP does not constitute a security. He stressed that the XRP issue isn’t just Ripple, but also the entire crypto industry.
Gary Gensler (SEC Chairman) has repeatedly stated that although bitcoin can be classified as a commodity, the majority of crypto tokens are securities. The SEC’s enforcement-centric approach has come under fire. In addition, four U.S. lawmakers sent a letter to Gensler this week accusing him of “hypocritical mismanagement” of the SEC and refusing to “practice what he preaches.”
Is it likely that Ripple or the SEC will prevail? Is it possible that the SEC would declare that XRP does not constitute a security risk? Comment below.
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