financial technology company Ripple is getting more support from the cryptocurrency and finance industry in its ongoing battle with the United States Securities and Exchange Commission (SEC).
On November 4, the CEO of Ripple, Brad Garlinghouse proudly tweeted that the number of companies, developers, exchanges, associations, and investors officially supporting the company has reached 12.
According to Stuart Alderoty, General Counsel of Ripple Labs, the pile of amicus briefs being filed is piling up.
An amicus brief is a legal document filed in appellate cases to help the court by providing additional relevant information or arguments. These writings are presented by the amicus curiaea Latin phrase that translates as “friend of the court”.
“It’s unprecedented (I’m told) for this to happen at this stage,” Garlinghouse exclaimed.
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
For those keeping count, there have been 12 (!) amicus briefs filed. It is unprecedented (I am told) for this to happen at this point. Each of them explains – in their own way – the irreparable damage that the SEC will do to all facets of the American crypto economy if it gets away with it.
On November 3, the SEC filed a motion to extend the time to file all reply briefs to November 30. He asked Judge Analisa Torres to order any additional amicus briefs to be filed before November 11.
Alderoty scoffed at the SEC’s response, stating that the agency “needs more time, not to listen or compromise, but to move forward blindly.”. Garlinghouse had previously been a conclusion in the first half of 2023, but with increased testing, the SEC could make it longer.
The most recent amicus brief was filed by Cryptillian Payment Systems on November 3as confirmed by defense attorney James K. Filan.
#XRPCommunity #SECGov v. #Ripple #XRP Cryptillian Payment Systems, an online digital wallet service for retail customers and commercial retail businesses using XRP, asks to file an Amicus Brief supporting Ripple’s Opposition to the SEC’s Motion for SJ.https://t.co/brFjNVmUmq
— James K. Filan 124k (beware of imposters) (@FilanLaw) November 3, 2022
Cryptillian Payment Systems, an online digital wallet service for retail customers and commercial businesses using XRP, asks to file an amicus brief in support of Ripple’s opposition to the SEC’s SJ motion.
Veri DAO also joined Ripple’s list of supporters on November 3 with his own amicus brief.
That growing number of supporters who have already filed briefs includes Coinbase, the Digital Chamber of Commerce, the Crypto Council for Innovation, the Blockchain Association, Valhil Capital, I-Remit, Spend The Bits, Tapjets, the Investor Choice Advocates Network (ICAN ) and John Deaton on behalf of over 75,000 XRP (XRP) investors.
The US securities regulator took action against Ripple in December 2020accusing the company and its executives of conducting an unregulated securities sale of its XRP token.
Nearly two years later, the battle continues, but support for Ripple is growing as their case grows stronger. Garlinghouse has previously stated that Ripple would consider a settlement with the SEC, as long as XRP is not classified as a security.
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