Crypto legal expert says SEC is being bombarded from all angles as Amicus briefs pile up in Ripple and XRP lawsuits
Two more parties are trying to weigh in on the US Securities and Exchange Commission’s (SEC) lawsuit against Ripple.
The two new parties are Phillip Goldstein, managing member of investment advisory firm Bulldog Investors, and the Investor Choice Advocates Network (ICAN).
ICAN bills itself as “a nonprofit public interest law firm representing parties who cannot afford counsel in precedent-setting Securities and Exchange Commission cases affecting barriers to access to capital markets.”
Both Goldstein and ICAN, who are represented by the same attorney, are seeking the court’s permission to file a legal document known as an amicus brief in the Ripple case, according to a motion shared by digital asset legal website CryptoLaw.
In the proposed amicus brief, the parties argue that the SEC relies on a vague term to regulate digital assets.
“The SEC treats the term ‘investment contract’ as if it were infinitely flexible and applicable to all kinds of investments. But the statutory source for the term “investment contract” gives no indication that Congress intended that term to be an umbrella term to capture financial transactions unrelated to “any interest or instrument commonly known as a security.”
They also argue that Congress is still deciding how to regulate digital assets, citing 11 different pieces of potential legislation. The parties say the SEC has “no authority” to regulate digital assets until a consensus is reached.
In addition, they argue that the SEC’s efforts to regulate crypto exceed its traditional authority previously delegated by Congress.
Crypto legal expert and Ripple supporter Jeremy Hogan says new parties in the case are “hitting the SEC from all angles.”
And ANOTHER.
A non-profit organization files an Amicus Brief, attacking the SEC’s jurisdiction over digital assets and citing, among other things, the recent US Supreme Court case limiting EPA authority.
These amici really hit the SEC from every angle.
— Jeremy Hogan (@attorneyjeremy1) 19 October 2022
Last week, U.S. District Judge Analisa Torres ruled that TapJets, which bills itself as the Uber of private jet charters, and money transfer company I-Remit can now both serve as an “amicus curiae” in the case in support of Ripple Labs.
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