Ripple Lawsuit Gets Backing From Leading Blockchain Trade Association• September 13, 2022 10:38 pm • Comments
Attorney Jeremy Hogan just shared recently on Twitter that the Chamber of Digital Commerce is now also getting involved into the Ripple lawsuit.
The Chamber of Digital Commerce is known as the world’s leading blockchain trade association so their backing may have a significant impact on the result of the case.
The association made news back in 2020 when it set a precedent by filing a amicus curiae brief in response to a lawsuit against Telegram that was started by the SEC.
As a result, it is clear that this is not the first time the trade association has stepped into lawsuits that involve a crypto company and the SEC.
The Chamber is wading into the Ripple v. SEC case.
Expect something similar to what it filed in the Telegram case and the argument is that although the SALE of XRP might have been as a security, the token is not inherently a security.
Similar to JDeaton, just not as compelling. https://t.co/D7m0kxKdp6
— Jeremy Hogan (@attorneyjeremy1) September 11, 2022
The encrypted messaging app Telegram was sued by the SEC in 2019 on the grounds that its planned GRM token constituted an unregistered offering.
A similar suit was filed against the messenger app Kik, alleging that it illegally raised $100 million in its 2017 token sale for its cryptocurrency, Kin. Now the Chamber of Digital Commerce, a group of blockchain industry supporters, is seeking the amici status in the Ripple lawsuit.
This was brought to light after a Twitter user inquired about the “two amici sets” cited in a joint proposal filed to govern sealing issues relating to the upcoming summary judgment motions.
The user asked, “2 amici? I thought there was only JohnEDeaton. Did I forget someone?”
In response, the CryptoLaw founder John Deaton mentioned the Chamber of Digital Commerce as the second amici. “As I said in a previous tweet, DigitalChamber, like me, needs to first read the briefs filed by the parties before we file an application to file an amicus brief,” he wrote.
Based on the recent action by this trade association, attorney Jeremy Hogan shares his expectations to fellow Ripple investors that are following the case.
Hogan states that the XRP community should expect something similar to what happened in the Telegram case back in 2020.
Essentially, the new argument would be something along the lines that the initial sale of the asset could have been a security, but the nature of the token itself is not considered a security.
This could be a very possible defense as the SEC’s claim is that the XRP asset itself is a security which Ripple has denied all along.
— James K. Filan 🇺🇸🇮🇪 111k (beware of imposters) (@FilanLaw) September 11, 2022
Defense lawyer James K. Filan has shared on Twitter the amicus briefs filed by the Chamber of Digital Commerce in the Telegram and Kik cases.
In its amicus brief for the Telegram case, the Chamber argues that “The SEC has acknowledged that at least some digital assets are not securities and that the status of specific assets under the securities laws can shift over time.
Nothing, in this case, calls for a broader ruling that digital assets are always or presumptively deemed securities.”
— U.Today (@Utoday_en) September 11, 2022
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