- District Court Judge allows filing of amicus curiae briefs.
- 11 entities have been granted permission to file briefs.
- XRP price reacted positively to the news.
Amicus briefs: the community’s tool to support Ripple
United State District Court Judge Analisa Torres has granted the request for leave to file amicus curiae briefs in the SEC V Ripple case to the Blockchain Association; Jordan Deaton; James LaMonte; Mya LaMonte; Tyler LaMonte; Mitchell McKenna; Kristiana Warner; Coinbase, Inc; Crypto Council for Innovation (CCI); Valhil Capital, LLC; Cryptillian Payment Systems, LLC; Veri DAO, LLC; Reaper Financial, LLC; Accredify, Inc; DBA InvestReady; the New Sports Economy Institute and Paradigm Operations.
The briefs must be filed by November 18th.
An amicus curiae is a third party in a case who may have interest in the case and provides information that may influence the judge’s decision. The Judge presiding over the case must grant permission to the amicus curiae or amici to file briefs (relevant information that the amici wants to provide).
SEC V Ripple Labs: the landmark case of the crypto industry
The Securities and Exchange Commission or SEC, the financial watchdog of the United States of America filed an action against Ripple Labs, Inc; Bradley Garlinghouse (Ripple CEO) and Chris Larsen (Co-founder and Executive chairman, Ripple) accusing them of raising cash via unregistered securities offering of XRP.
Ripple is a blockchain based international digital payment settlement network which is to be used as a bridge for fiat currencies in international payments. XRP is the token used on the Ripple network and will act as the bridge token that will be exchanged for the currency being transferred and received. All XRP tokens have been mined by Ripple. The case has gone into its second year.
The community largely believes in Ripple’s case and the amicus briefs bear testimony to the unflinching support shown by the community. SEC v Ripple Labs will set the precedent for future cases. The case will add clarity to the regulatory framework for digital assets and will also add perspective to the usage of the controversial Howey test, SEC’s tool to determine whether an asset is a security.
Ever since the SEC was ordered to hand over the Hinman documents, the case has been leaning towards Ripple. However, there is no certainty whether the documents will make significant changes to the case because Hinman left the agency and the SEC may use that to defend its case.
XRP price reacts positively
As per Crypto price tracker CoinMarketCap, XRP price increased over 8% after the news of the amicus curiae briefs. Trading volume increased by over 35% in the past 24 hours.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.