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Coinbase, Valhil Capital, Crypto Council Request To File Amicus Briefs In Favor Of Ripple Against SEC

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Ripple’s allies continue to grow.


Three more firms have requested the court’s permission to file an amicus brief in support of Ripple, as per tweets from former federal prosecutor cum defense lawyer James K. Filan in the last 24 hours.

The firms include Valhil Capital, the Crypto Council for Innovation (CCI), and Coinbase. Notably, these 3 join the Chamber of Digital Commerce, I-Remit, TapJets, SpendTheBits, Investor Choice Advocates Network (ICAN), and The Blockchain Association, all of which have shown support for Ripple in its case against the US SEC.

As the list continues to grow, some XRP faithful are beginning to wonder if they are not approaching the record for the most number of amicus briefs in a case.

It is worth noting that as disclosed by Attorney Jeremy Hogan, the record currently sits at 78 and was set in a rape case in the 80s. Notably, the court will take amicus briefs in the SEC v. Ripple case until November 15, when the court expects both parties to submit summary judgment replies, after which both parties will wait for Judge Analisa Torres’s decision.

As explained by Hogan, it is good that the court has taken the unusual step of allowing amicus briefs in the Ripple case. The attorney explains that amicus briefs are usually restricted to the appeal and high-level courts. According to Hogan, it shows the Judge’s understanding that the case is complex and far-reaching in its consequences.

A Summary Of The Latest Briefs

Coinbase, which filed its request yesterday, asserts that it has a unique perspective as the largest crypto exchange in the US. It highlights that as a US-based exchange, the legal action brought against Ripple by the US SEC forced it and other US exchanges to delist XRP, triggering a $15 billion loss in its market value which Coinbase’s customers felt. 

Notably, Coinbase pledges support for Ripple’s fair notice defense, citing the lack of clear rules from the SEC, describing the Ripple case as “surprise enforcement.”

CCI, an umbrella body formed by nine leading crypto firms, noted that it hoped to lend its expert and professional opinions to the court as it considers the Ripple case. The body asserts that it has a stake in the case as the ruling is likely to be far-reaching in its effect on the crypto markets and the people it represents, which include developers, investors, and businesses.

CCI notes that to achieve its goals of bringing about broad changes with crypto and blockchain, collaborative policies formed from the collaboration between industry participants and regulators are necessary. Consequently, it takes objection to the SEC’s enforcement approach.

Valhil Capital, a private equity firm based in Houston, Texas, in its request, explains that the firm has integrated XRP into its operations, including compensation of executives. The firm hopes to show the court the numerous use cases of XRP beyond speculation.

Ripple has been locked in a legal battle with the SEC for almost two years now as the SEC asserts that the XRP token created by Ripple is an unregistered security.

 

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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