- Coinbase (NASDAQ:COIN) has filed Amicus (NASDAQ:FOLD) Curie in support of Ripple in the SEC vs. XRP lawsuit.
- Crypto Council for Innovation and Valhil Capital also filed Amicus Briefs in the suit.
- John E Deaton seeks permission from Judge Torres to file his briefs.
In a recent development, Coinbase has filed Amicus Curie in support of Ripple in the SEC vs. XRP lawsuit. The suit, which has been ongoing for 18 months, is now nearing its verdict in the coming months.
Joining Coinbase in filing Amicus Curie are Crypto Council for Innovation and Valhil Capital who have stepped up in solidarity with Ripple. Additionally, John E Deaton, who was one of the first Amicus Curie in the endgame, has sought permission from Judge Torres to file his briefs in support of Ripple.
Deaton’s Crypto Law has shared a thread on Twitter regarding the briefs filed:
EXCERPT from the #XRPHolders' proposed amicus brief filed today by @JohnEDeaton1 – a "The @SECGov asks this Court to validate its shorthand and analytically lazy contention that @Ripple has engaged in the functional equivalent of a 9 year-long, on-going, 24/7 ICO…" (1/8)— CryptoLaw (@CryptoLawUS) October 31, 2022
The briefs filed by Coinbase emphasized that Ripple and other digital currencies have been the subject of extensive enforcement scrutiny while others — with nearly identical products or services — have been subject to nothing.
Coinbase in its filings also stated:
Given the absence of SEC rulemaking for the cryptocurrency industry, the question of whether the SEC has given fair notice before bringing an enforcement action against sales of one of the thousands of unique digital assets will often be highly fact-intensive, which makes it particularly ill-suited for adjudication on summary judgment
Valhil Capital shared some important key points on why they stepped up as friends of the court in this case. The officials at Valhil reported that the use of XRP is apparently 57,000 times more energy efficient than Bitcoin.
Additionally, transactions using XRP cost significantly lesser than other digital currencies and require lesser time than others as well.
According to Crypto Council for Innovation, the SEC is attempting to impose regulatory standards for registration, disclosure, and other matters that are not well suited to digital currencies like XRP. By doing so, the SEC runs the risk of extending its authority to assets that might not necessarily fall under its purview as a securities regulator or be covered by its current set of rules.
While Ripple sees immense support from its fellow industry, SEC does not see any light on the other side of the tunnel. Crypto lawyer, James K Filan in his tweets joked about a time to come when SEC may be asking for additional pages and time to respond to all these Amicus Briefs.
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