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Support for Ripple Grows in SEC Lawsuit Over XRP – CEO Says ‘It’s Unprecedented’ – Regulation Bitcoin News
Support for Ripple Labs in its fight against the US Securities and Exchange Commission (SEC) over xrp has grown, with 12 amicus briefs filed. “It’s unprecedented,” said Ripple CEO Brad Garlinghouse, adding that each brief explains in its own unique way “the irreparable damage the SEC will do to every facet of the US crypto-economy if it gets its way.”
12 Amicus Briefs Filed in Support of Ripple
A growing number of amicus briefs have been filed in support of Ripple Labs as the company continues to fight the US Securities and Exchange Commission (SEC) lawsuit over the sale of XRP. Twelve amicus briefs have been filed on Ripple’s behalf so far, including one by Nasdaq-listed cryptocurrency exchange Coinbase, which was among the first trading platforms to delist XRP following the SEC’s lawsuit.
Ripple CEO Brad Garlinghouse tweeted on Friday:
For those of you keeping count, 12 amici briefs filed. It is unprecedented (I am told) for this to happen at this stage. They each explain – in their own unique way – the irreparable damage the SEC will do to every facet of the US crypto-economy if it gets its way.
Besides Coinbase, other individuals, companies and organizations that have submitted amicus briefs on behalf of Ripple are ICAN, I-Remit, Tapjets, Spendthebits, Blockchain Association, John E. Deaton, Crypto Council for Innovation, Valhil Capital, Chamber of Digital Commerce, Cryptillian Payment Systems and Veri Dao LLC.
With the increasing number of amicus briefs filed on behalf of Ripple, the SEC asked the court for more time to respond to them. On Friday, the court granted the agency’s proposal to extend the time for all parties to file and respond to amicus briefs. The deadline for submitting amicus briefs is now 11 November and responses must be sent by 30 November.
Stuart Alderoty, general counsel for Ripple, tweeted Thursday in a comment to the SEC seeking more time to respond to all amicus briefs filed:
A dozen independent voices—companies, developers, exchanges, public interest and industry associations, retail holders—all join SEC v Ripple to explain how dangerously flawed the SEC is. The SEC’s response? We need more time, not to listen or engage, but to blindly bulldoze on.
The securities regulator sued Ripple, its CEO, and co-founder Chris Larsen in December 2020 over the sale of XRP, alleging that the crypto token is a security.
Garlinghouse said last month that he expects a response in the first half of 2023, noting that Ripple would consider a settlement with the securities watchdog if the regulator says XRP is not a security. The executive emphasized that the XRP case is not only about Ripple, but the entire crypto industry.
SEC Chairman Gary Gensler has said on several occasions that while bitcoin is a commodity, most other cryptotokens are securities. However, the SEC has been criticized for taking an enforcement-centric approach to regulating the crypto industry. In addition, four US lawmakers sent a letter to Gensler this week accusing him of “hypocritical mismanagement” of the SEC and refusing to “practice what he preaches.”
Do you think the SEC or Ripple Labs will win this case? Do you think the SEC will declare XRP not a security? Let us know in the comments section below.
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