SEC v Ripple: Support Pours In For Ripple

SEC v Ripple: Support Pours In For Ripple

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Major crypto and finance companies are siding with Ripple Labs in its ongoing legal battle with the United States Securities and Exchanges Commission (SEC). 

Ripple Garners Legal Support

A total of twelve fintech and crypto companies and investors have shown their support for Ripple Labs in their legal battle with the SEC, in which the latter had accused the crypto company of trading unregistered securities. On Friday morning, CEO Brad Garlinghouse tweeted that the number of companies, developers, exchanges, associations, and investors that have chosen to side with Ripple officially has reached twelve. 

The tweet reads, 

“For those of you keeping count, 12 (!) amici briefs submitted.  It’s unprecedented (I’m told) to have this happen at this stage. They each explain - in their own unique way - the irreparable harm the SEC will do to every facet of the US crypto economy if it gets its way.”

Amicus Briefs In Support Of Ripple

In fact, according to Ripple Labs’ general counsel, Stuart Alderoty, amicus briefs are piling up in support of the company. An amicus brief is a legal document that provides extra relevant information filed by an amicus curiae, a Latin phrase that means “friend of the court.” 

Cryptillian Payment Systems filed the most recent amicus brief in the Ripple vs. SEC case on November 3. 

Lawyer James K. Filan tweeted, 

“Cryptillian Payment Systems, an online digital wallet service for retail customers and commercial retail businesses using XRP, asks to file an Amicus Brief supporting Ripple's Opposition to the SEC's Motion for SJ.”

Several other amicus briefs have been filed in support of Ripple and the list now includes companies and organizations like Coinbase, Veri DAO, the Chamber of Digital Commerce, the Crypto Council for Innovation, the Blockchain Association, Valhalla Capital, I-Remit, Spend The Bits, Tapjets, the Investor Choice Advocates Network (ICAN), and John Deaton. 

Coinbase and Newton Crypto

Other organizations and firms have been showing their support for Ripple Labs in different ways. For example, the Canadian crypto exchange, Newton Crypto, became the first to relist XRP after having delisted it soon after SEC dragged the company to court. Even Coinbase, which was one of the companies that filed an amicus brief in support of Ripple, has stated that it was forced to delist XRP in the light of the SEC’s legal attack. The company appealed the judge Analise Torres for permission, pointing out the need for fair notice as evidenced by the case. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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