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Here’s The List Of Amicus Briefs Supporting Ripple Against SEC, Garlinghouse Says It’s Unprecedented

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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: 

  1. Chamber of Digital Commerce 
  2. TapJets 
  3. I-Remit 
  4. Investor Choice Advocates Network (ICAN) 
  5. Blockchain Association 
  6. SpendTheBits 
  7. Coinbase 
  8. Cryptillian Payment Systems. 
  9. Crypto Council for Innovation (CCI)
  10. Valhil Capital LLC 
  11. Veri DAO LLC, and 
  12. 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. 

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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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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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