Support for Ripple Grows in SEC Lawsuit Over XRP — CEO Says ‘It’s Unprecedented’ – Regulation Bitcoin News

The fight with the U.S. Securities and Exchange Commission (SEC) over xrp has boosted support for Ripple Labs, with 12 amicus briefs filed. It’s unprecedented,” he said, adding that each brief explained in its own way.

12 Amicus Briefs Submitted To Support Ripple

An Amicus brief has been filed in Ripple Labs’ favor as it continues to fight a U.S. Securities and Exchange Commission (SEC) lawsuit over the sale of Ripple Labs. XRPTwelve Amicus briefs have been submitted on behalf of Ripple so far, including one by the Nasdaq-listed cryptocurrency exchange. coin basewas one of the first trading platforms to be delisted. XRP Following the SEC lawsuit.

Ripple CEO Brad Garlinghouse tweeted on Friday:

For those keeping count, 12 amici briefs have been submitted. There is no precedent (I hear) for this to happen at this stage. Each of them explains in their own way how the SEC, if it gets its way, will cause irreparable damage to every aspect of the US crypto economy.

Besides Coinbase, other individuals, companies and organizations that have submitted Amicus briefs on behalf of Ripple are ICAN, I-Remit, Tapjets, Spendthebits, Blockchain Association, John E. Deaton, Crypto Council for Innovation, Valhil Capital, Chamber of Digital Commerce. , Cryptillian Payment Systems, and Veri Dao LLC.

The SEC has requested more time to respond to the court as more Amicus briefs have been filed on behalf of Ripple. Court Friday accept Agency motion to extend the time for all parties to submit and respond to Amicus briefs. The Amicus Brief submission deadline is currently November 11, and responses must be submitted by November 30.

Commenting on the SEC’s request for more time to respond to all Amicus briefs filed, Ripple General Counsel Stuart Alderotti tweeted:

Twelve independent voices, including companies, developers, exchanges, public interest groups and retail owners, all submitted to SEC v Ripple to explain how the SEC is dangerously wrong. What is the SEC’s response? We need more time to blindly bang instead of listening and engaging.

Securities regulators sued Ripple and its CEO and co-founder Chris Larsen in December 2020. XRPclaims that cryptographic tokens are security.

Garling House last month expect an answer in the first half of 2023 XRP not securities. Executives are XRP The case is not just Ripple, it’s the entire crypto industry.

SEC Chairman Gary Gensler said Bitcoin Productand most other crypto tokens are SecuritiesHowever, the SEC has Enforcement-centric approach To regulate the crypto industry.Additionally, four U.S. lawmakers sent letters to Gensler this week Blame The SEC’s “hypocritical mismanagement” and his refusal to “practice what he preaches.”

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amicus briefs, Brad Garlinghouse, coin base, court SEC, ripple, ripple lab, SEC, Second lawsuit over xrp, seconds xrp, Ripple support, XRP, xrp security

Do you think the SEC or Ripple Labs will win this lawsuit? Do you think the SEC will declare it? XRP Isn’t it a security? Let us know in the comments section below.

Kevin Helms

An Austrian economics student, Kevin has been an evangelist since he discovered Bitcoin in 2011. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

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