XRP Lawsuit: Coinbase Files Brief In Support Of Ripple

November 16, 2022 9:26 pm Comments

In the latest update regarding the lawsuit between the SEC and Ripple, it looks like Coinbase has also decided to file an amicus brief in support of Ripple Labs.

Reportedly, the top crypto exchange had already requested permission to do this late in October and had just finally received permission.

Right now, US District Judge Analisa Torres made the ruling that allowed all amicus briefs to be filed as long as it was done before the November 18th deadline.

So far, all of the amicus briefs have strongly supported Ripple’s position and are defending the position that XRP is NOT considered a security.

DailyHodl.com reports:

Some have been filed in support of Ripple, others will be in favor of the SEC.

Argues Coinbase,

“By suing sellers of XRP tokens after making public statements signaling that those transactions were lawful, the SEC has lost sight of this bedrock principle.

For years after Bitcoin, Ether, and XRP were launched, the SEC watched as multi-billion dollar trading markets for these cryptocurrencies developed without stating that it viewed any of these assets as ‘securities’ subject to the onerous restrictions that come with that classification…

In order to ensure the existing due process precedents on which the fair notice defense rests continue to safeguard against improper regulatory enforcement when needed, the Court should deny the SEC’s motion for summary judgment on this issue.”

The SEC sued Ripple in late 2020 under allegations that it issued XRP as an unregistered security.

Coinbase is joining a long list of third parties that have come forward to support Ripple in its fight against the SEC.

Other well-known platforms that have gotten involved include I-Remit, Valhil Capital, SpendTheBits, TapJet, and many more.

It is clear that the number of amicus briefs that have been filed that support Ripple far outnumber the amount that support the SEC.

Amicus briefs are important to the outcome of a case because they grant individuals the ability to assist in court hearings.

Watcher.guru concludes:

“… the requests to file amicus curiae briefs are GRANTED.”

With respect to the filing date and the entities granted permission, Torres’ order revealed,

“By November 18, 2022, the Association, the six XRP holders, Coinbase, the CCI, Valhil, Cryptillian, Veri DAO, Reaper Financial, InvestReady, the NSEI, and Paradigm shall file their briefs.“

Here it is also worth noting that the SEC started getting support from the community only quite recently. InvestReady and the NSEI, notably, submitted their motions around 10-11 November.

The former company, as such, wants to ensure that the voices of those trying to follow the rules set forth are heard and not drowned out. The primary goal of the latter company, on the other hand, is to foster an environment where financial innovation is respected and serves the public interest.

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