U.S. lobby group Blockchain Association, along with other institutions and firms, have formally filed amici briefs to support Ripple Labs Inc. in the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple.
See related article: What is XRP and what is Ripple?
Fast facts
- The Blockchain Association filed its amicus brief on Tuesday, saying: “The SEC’s extremely broad interpretation of the securities laws would have devastating effects on the industry (and even outside the industry).”
- The Crypto Council for Innovation (CCI), an alliance of industry leaders, also filed an amicus brief on Tuesday in support of Ripple.
- “To date, the SEC has largely chosen enforcement over rulemaking as the way to regulate this evolving ecosystem,” CCI wrote in its filing.
- Cryptocurrency-related organizations and firms – Veri DAO, Cryptillian Payment System, Reaper Financial and Paradigm Operations – this week also submitted their briefs that challenged the SEC.
- 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.
See related article: Coinbase officially enters the fray in XRP lawsuit to support Ripple against SEC