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- Couple of organizations have filed an amicus curiae in Ripple V. SEC case.
- The Chamber of Digital Commerce filed the same during mid-September 2022.
- SEC has claimed that XRP is an unregistered security.
A Huge Support To Ripple Labs
The Securities and Exchange Commission (SEC) is doing whatever they can to bring the case into their favor. But Ripple Labs have dominated the trial since the lawsuit’s inception on December 22, 2020. Majority of the events appear to be in favor of the defendants. Recently, the company got a huge support from a couple of organizations.
I-Remit, a cross-border payments company, and TapJets, a private jets company have requested to file an amicus curiae brief in the case. The companies want to present the utility of XRP, the native token of Ripple. SEC claims that the token is trading as an unregistered security, maybe this amicus brief can help prove that it is in fact a digital currency.
In a similar event, Ripple Labs got backing from the Chamber of Digital Commerce who invaded the XRP v. SEC grounds. The advocacy group filed an amicus brief during mid-September 2022. They said that though the organization does not have a say in this case, however, they want to make sure the verdict of the lawsuit is based upon authentic facts.
In the recent update, Judge Analisa Torres overruled the US regulator’s request to withhold certain documents. According to the report, Director of SEC’s Finance Division, William Hinman, has stated that, “Ethereum is not a security.” This statement can backfire the financial watchdog in the case as if the 2nd biggest digital asset is not a security, XRP can not fall under the securities category.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
