Regulation
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The number of Ripple allies continues to grow.
Three more firms have asked the court for permission to file amicus opinions in support of Ripple, according to tweets by former U.S. Attorney and Attorney James C. Filan over the past 24 hours.
Firms include Valhil Capital, Crypto Council for Innovation (CCI), and Coinbase. Notably, the three are joining the Chamber of Digital Commerce, I-Remit, TapJets, SpendTheBits, Investor Choice Advocates Network (ICAN), and the Blockchain Association, all of which have shown support for Ripple in its case against the U.S. Securities and Exchange Commission.
As the list continues to grow, some XRP proponents are starting to wonder if they are getting closer to the record for the most amicus reports in a case.
It is worth noting that, according to prosecutor Jeremy Hogan, the current record is 78, and it was set in a rape case in the 80s. Notably, the court will accept amicus summaries in the SEC v. Ripple case until Nov. 15, when the court expects both parties to file summary judgment responses, after which both parties will await the decision of Judge Analissa Torres.
As Hogan explained, it’s good that the court took the unusual step of allowing the amicus memos in the Ripple case. Counsel explains that amicus reports are usually limited to appellate and high-level courts. According to Hogan, this shows the judge’s understanding that the case is complex and far-reaching in its implications.
Summary of recent reports
Coinbase, which filed its request yesterday, claims it has a unique perspective as the largest crypto exchange in the US. It highlights that the US Securities and Exchange Commission’s legal action against Ripple forced it and other US exchanges to delist XRP, resulting in a $15 billion loss in its market value felt by Coinbase customers.
#XRPCOMMUNITY #SECGOV VS #RIPPLE #XRP #COINBASE SUBMITTED A REQUEST FOR AN AMICUS SUMMARY IN SUPPORT OF PROTECTING RIPPLE’S FAIR NOTICE. https://T.CO/0PBE2W8X3E
— JAMES K. PHILAN 🇺🇸🇮🇪123K (BEWARE OF THE IMPOSTERS) (@FILANLAW) OCTOBER 31, 2022
Notably, Coinbase is promising support for protecting Ripple’s fair notice, citing the lack of clear rules from the SEC, describing the Ripple case as a “surprise execution.”
The CCI, an umbrella organization formed by nine leading crypto firms, said it hopes to provide the court with its expert and professional opinions in the Ripple case. The authority says it is interested in the case as the decision is likely to have far-reaching implications for the cryptocurrency markets and the people it represents, including developers, investors and businesses.
#XRPCOMMUNITY #SECGOV VERSUS #RIPPLE #XRP THE COUNCIL OF CRYPTOCURRENCY INNOVATION HAS REQUESTED PERMISSION TO FILE AMICUS SUMMARY IN SUPPORT OF RIPPLE’S SUMMARY OF DEFENDANTS AGAINST SEC’S PLEASE FOR A SUMMARY RULE. SUGGESTED BRIEFING – APPENDIX A. https://T.CO/PZ65ULWEJT .
— JAMES K. PHILAN 🇺🇸🇮🇪123K (BEWARE OF THE IMPOSTERS) (@FILANLAW) NOVEMBER 1, 2022
CCI notes that in order to achieve its goals of making broad changes to crypto and blockchain, collaborative policies are needed, shaped by collaboration between industry participants and regulators. Therefore, he objects to the SEC’s enforcement approach.
Valhil Capital, a private equity firm based in Houston, Texas, explains in its inquiry that the firm has integrated XRP into its operations, including executive compensation. The firm hopes to show the court numerous use cases for XRP that go beyond speculation.
#XRPCOMMUNITY #SECGOV v. #RIPPLE #XRP VALHIL CAPITAL, LLC HAS REQUESTED PERMISSION TO FILE AMICUS SUMMARY IN SUPPORT OF RIPPLE RESPONDENTS’ APPLICATION FOR A CONSOLIDATED JUDGMENT. SUGGESTED BRIEFING – APPENDIX A. https://T.CO/LUB6XMNOC8
— JAMES K. PHILAN 🇺🇸🇮🇪123K (BEWARE OF THE IMPOSTERS) (@FILANLAW) NOVEMBER 1, 2022
Ripple has been in a legal battle with the SEC for almost two years now as the SEC alleges that the XRP token created by Ripple is an unregistered security.
#Coinbase #Valhil #Capital #CCI #Request #Amicus #Opinions #favor #Ripple
