Chamber of Digital Commerce Officially Enters Ripple Vs. SEC Lawsuit, Files An Amicus Brief Supporting Ripple

Chamber of Digital Commerce Requests to File An Amicus Brief Supporting Ripple in the SEC Lawsuit.

The Chamber of Digital Commerce enters the Ripple Vs. SEC saga by officially filing an amicus brief.

The Chamber of Digital Commerce, the world’s leading blockchain trade organization, requests permission to file an amicus brief in the ongoing Ripple vs. SEC lawsuit. 

According to a request addressed to Judge Analisa Torres, the Chamber of Digital Commerce included copies of its amicus brief motion, memorandum of law, and a declaration from Lilya Tessler, the organization’s amicus brief attorney. 

The Chamber’s Position and Interest in the Matter

The Chamber of Digital Commerce noted that its interest in filing an Amicus brief in the lawsuit stems from its commitment to promoting the development of digital assets and the blockchain industry. 

While it cannot ascertain whether the sale of XRP constitutes security, the Chamber said it is interested in ensuring that the legal framework for digital assets underlying an investment contract is clear. 

“Maintaining this distinction is critical to developing a predictable legal environment through a technology-neutral precedent, which this Court has the power to do,” the Chamber of Digital Commerce noted. 

The Chamber of Digital Commerce stated that it should be granted leave to file an amicus brief in the lawsuit because of its extensive experience in addressing the application of U.S. securities laws in the blockchain space. 

Furthermore, the association said its request should be granted because it has a unique position in the case that it is not affiliated with any of the parties in the suit. 

Notably, the Chamber said its amicus brief would focus on a different perspective from the parties, which is the legal standard of the court’s decision in setting a precedent for the cryptocurrency space since. 

“For the foregoing reasons, the Chamber respectfully requests that this Court grant its motion for leave to file in this case the amicus brief attached as Exhibit A to the accompanying declaration of Lilya Tessler,” the Chamber concluded. 

Meanwhile, the Chamber’s involvement in the lawsuit was first revealed last week following a joint proposal filed by the parties to govern all sealing issues concerning summary judgment. 

Attorney Jeremy Hogan believes that the organization’s position in the case will not be different from what it filed in the Telegram vs. SEC lawsuit, adding that the Chamber will argue that “although the sale of XRP might have been a security, the token is not inherently a security.”