Amicus briefs in XRP vs. SEC were due November 18. Many notable organizations within the cryptocurrency industry filed amicus briefs in favor of Ripple. Pro-Ripple submissions came from entities including cryptocurrency exchange Coinbase and the Blockchain Association. With the crypto community awaiting the summary judgment in the XRP litigation, this day represents a pivotal point in the lawsuit.
14 amicus briefs were submitted by the 18th of November, the deadline for the XRP litigation. Most amicus briefs were filed in favor of Ripple, while the SEC only received one. According to Attorney Jeremy Hogan, the final tally for Ripple was 14, while the SEC got only one submission in its favor.
One-sided case
The New Sports Economy Institute (“NSEI”) sided with the SEC by filing an “amicus brief” in support of the watchdog.
According to the brief, “the gold standard” for evaluating flow-generating assets is still the Howey test, which is used to assess whether or not an asset is a security. The investor should be aware that finding another speculative buyer is “the only path to profit” if a certain asset does not provide cash flow. NSEI maintains that the majority of investors are unaware that they are engaging in speculation.
The brief adds that the “XRP scheme” is still a security even when the Howey test is applied broadly. It goes on to say that investors in the Ripple-related coin are “certainly” reliant on the work of others. Speculative enthusiasm about XRP “far outweighs” any practical use, which is still “minuscule.”
NSEI considers cryptocurrency to be “a failed vision” as a means of exchange.
Ripple continues expansion plans
Meanwhile, Ripple Labs’ General Counsel Stuart Alderoty told CNBC that the blockchain payments firm is working to “passport” its services throughout the European Union (EU) by obtaining a virtual asset service provider (VASP) license in Ireland.
Ripple also intends to file for an electronic money license in Ireland, where it currently employs only two people. At the moment, Gemini is the only crypto company in Ireland with a VASP license.
