Support Ripple Labs in the fight against US securitiesxrp The Exchange Commission (SEC) over has grown and 12 Amicus briefs have been filed. “This is unprecedented,” said Ripple CEO Brad Garlinghouse, adding that each brief explains it in its own way.
12 Amicus briefs submitted to help Ripple
Support Ripple Labs as they continue their battle with US securities A growing number of Amicus briefs have been submitted for Securities and Exchange Commission (SEC) litigation over sale of XRP. To date, 12 Amicus briefs have been filed on behalf of Ripple, including Nasdaq, one of the first trading platforms to delist XRP following an SEC lawsuit. It also includes those by Coinbase, a virtual currency exchange listed on .
Ripple’s CEO, Brad Garlinghouse, tweeted on Friday:
12 amici briefs submitted for those keeping the count down. it was done. There is no precedent (I hear) for this to happen at this stage. Each in their own way explains the irreparable damage the SEC will do to every aspect of the US crypto economy if it gets its way.
In addition to Coinbase, the 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, Digital Chamber of Commerce, Cryptillian Payment Systems, and Veri Dao LLC.
Due to the growing number of legal defense briefs filed on behalf of Ripple, the SEC has requested more time to respond to the court. On Friday, the courtgranted agency’s motion to extend the time for all parties to file and respond to Amicus briefs. The deadline for submission of the Amicus brief is now November 11th, and he must submit his responses by November 30th.
Ripple General Counsel Stuart Alderoty tweeted the submitted Amicus brief on Thursday. Ripple explaining 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, its CEO and co-founder Chris Larsen, over the sale of XRPin December 2020, arguing that crypto tokens are a security claimed to be.
Garlinghouse said last month that he expects to receive a response in the first half of 2023, and that if regulators say XRP is not a security, Ripple will be a securities watchdog. It said it would consider a settlement with the agency. The executive emphasized that theXRP lawsuit is not just about Ripple, but about the cryptocurrency industry as a whole.
SEC Chairman Gary Gensler has stated several times that while Bitcoin is a commodity, most other crypto tokens are securities. has been criticized for taking an enforcement-centric approach to regulating Additionally, four U.S. lawmakers sent letters this week accusing Mr. Gensler of “hypocritical mismanagement” of his SEC and refusing to “practice what he preaches.”
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