Coinbase, the biggest U.S.-based cryptocurrency exchange, has officially filed an amicus brief to support Ripple Labs Inc. in the lawsuit the Securities and Exchange Commission (SEC) filed against the latter in 2020.
Judge Torres Approves Motion to File Amicus (NASDAQ:FOLD) Brief
The motion for Ripple to file an amicus brief in the lawsuit was on Monday, November 14th, approved by Judge Analisa Torres. The Southern District of New York will begin accepting amicus briefs in the Ripple case from November 18th.
Although Coinbase (NASDAQ:COIN) leads the charge, other companies including I-Remit, Valhil Capital, SpendTheBits, Chamber of Digital Commerce, TapJet, ICAN, and Cryptillian Payment Systems will also be filing amicus briefs.
Coinbase Files Amicus Brief for Ripple
Two weeks ago, we reported that the leading crypto exchange, Coinbase, had asked the court permission to file an amicus brief (a friend of the court brief) in the ongoing XRP vs SEC lawsuit.
Although briefs would officially be accepted from November 18th, James K. Filan, an attorney specializing in securities litigation and regulatory compliance, has announced that Coinbase has officially filed its amicus brief. Filan tweeted:
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#XRPCommunity #SECGov v. #Ripple #XRP #Coinbase has formally filed its Amicus Brief in Support of Ripple's Fair Notice Defense.https://t.co/Y4pgXeNsJa— James K. Filan 126k (beware of imposters) (@FilanLaw) November 15, 2022
In its earlier filing, Coinbase wrote that government agencies cannot condemn conduct as a violation of law without providing fair notice. Coinbase also notes that the SEC’s inconsistency created “uncertainty” for crypto companies.
The approval and Coinbase filing provided a boost for XRP, with the asset rallying by 11% in the last 24 hours to trade as high as $0.386.
The 24-hour price chart for XRP. Source: CoinMarketCap
On the Flipside
- The SEC has similarly received support from InvestReady and the New Sports Economy Institute (NSEI), both requesting to file briefs in support of the regulator.
Why You Should Care
Ripple Labs continues to garner support in its fight against the SEC, with many expecting the ruling to be in favour of the company.
Find more details about Coinbase’s earlier filing in:
Coinbase Stands with Ripple in SEC Case, Requests to File Amicus Brief
Read about Ripple’s latest milestone in:
Ripple Now Holds Less Than Half of the Total XRP Supply in a Huge Milestone