Cryptocurrency exchange Coinbase has requested to file an amicus brief in support of Ripple Labs Inc. to weigh in on the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple.
See related article: SEC takes no position on two motions in support of Ripple in XRP lawsuit
Fast facts
- Coinbase, which claimed to be the largest crypto trading platform in the U.S. by trading volume, on Monday filed a motion to submit an amicus brief to support Ripple’s fair notice defense. Coinbase once suspended the trading of XRP last year in light of the lawsuit.
- Coinbase said in the filing that government agencies cannot condemn conduct as a violation of law without providing fair notice, but “by suing sellers of XRP tokens after making public statements signaling that those transactions were lawful, the SEC has lost sight of this bedrock principle.”
- In December 2020, the SEC filed a lawsuit against Ripple and its executives, alleging the sale of XRP constituted an offering of unregistered securities worth over US$1.38 billion.
- An amicus brief is typically submitted by an individual or organization that is not a party to a case but intended to influence the court’s decision.
- Private equity firm Valhil Capital LLC and industry alliance Crypto Council for Innovation also requested on Monday to submit such briefs.
- In September, crypto lobby group Chamber of Digital Commerce received approval from the court to file an amicus brief.
See related article: What is XRP and what is Ripple?