The Chamber of Digital Commerce’s motion to submit an amicus brief in the Ripple vs. SEC case was recently granted by the court. An amicus brief is a legal document filed by a third party who is not a direct participant in the case but who is willing to assist by offering relevant information.
XRP Vs SEC coming to an end?
The brief was filed earlier this week. Perianne Boring, the head of the Chamber, argues that the client’s position in the litigation affords them a unique opportunity to influence the development of regulations governing the digital asset business.
Nonetheless, it seeks a transparent and consistent regulatory framework for crypto assets.
Media outlets have been reporting for the past week that Ripple and the SEC have filed a summary judgment motion in an effort to speed up the outcome of the lawsuit that has already lasted 21 months.
Both sides agree that the Judge now has enough facts to make a decision. Therefore, there would be no need for a trial to take place. After both sides had submitted their briefs earlier in the week, the plaintiff mentioned that it would require additional time. The defendant, however, raised objections to the idea, arguing that it was an SEC ploy to drag out the trial.
Not a Securities Offering
In December 2020, the SEC filed charges against Ripple, alleging that the sale of XRP constituted an unregistered offering of securities.
As part of its filing, Ripple included a memorandum in which it contended that the XRP token sale did not give buyers any rights or obligate the business to look out for buyers’ best interests.
“Filings show that the SEC is acting outside their legal limits,” Ripple General Counsel Stu Alderoty said in a statement.
Official statement from @Ripple GC @s_alderoty:
“Today’s filings show that the SEC is acting outside their legal limits. The SEC is not looking to apply the law – they are looking to remake the law in the hopes that it can impermissibly expand their jurisdiction.” https://t.co/RvUU3FSgwV— Eleanor Terrett (@EleanorTerrett) September 18, 2022
After a solid week of gains, investors in Ripple (XRP) were optimistic that the SEC’s case against the cryptocurrency would soon be resolved, sending XRP’s price up by 11% early Friday morning. At press time, the token was trading at $0.488, down 0.6% over the past 24 hours.
