Ripple will have the legal backing of 12 different organisations

    TheMorningCrypto Desk
    TheMorningCrypto Desk

    Updated on January 09, 2023 12:50 PM

    Published on November 04, 2022 01:56 PM

    The U.S. securities regulator took action against Ripple's unregulated securities sale of its XRP token the battle is still raging on but support for Ripple is growing as its case strengthens

    Ripple will have the legal backing of 12 different organisations
    Source: The Market Periodical

    The "XRP" scam 

    In December 2020, the U.S. Securities and Exchange Commission filed a complaint against Ripple, alleging that the business and its management had sold its XRP tokens in an unauthorized securities transaction.

    Nearly two years later, the conflict is still raging, but as Ripple's case gets stronger, support for it is growing. Garlinghouse has previously said that if XRP is not deemed a security, Ripple will explore settling with the SEC.

    Ripple's case gets stronger, and support for it is growing

    The crypto and financial industries support Fintech company Ripple more in its continuing conflict with the U.S. Securities and Exchange Commission (SEC).

    Brad Garlinghouse, the CEO of Ripple, excitedly tweeted on November 4 that the company now has 12 officially supporting businesses, developers, exchanges, associations, and investors.

    According to Ripple Lab's general counsel Stuart Alderoty, the number of amicus briefs submitted is growing.

    A legal document known as an amicus brief is submitted in appeals cases to assist the court by adding more pertinent details or arguments. Amicus curiae, Latin for "friend of the court," submitted these papers.

    Garlinghouse cried out.

    "There were 12 (!) amici briefs submitted, for those of you keeping track. According to what I've been told, this has never happened at this point. They individually describe how the SEC will irreparably damage every aspect of the U.S. crypto industry if it has its way, each in their own particular way."- Brad Garlinghouse (@bgarlinghouse)

    The SEC is "blindly pushing forward"

    Another update has been provided by Ripple and the American Securities and Exchange Commission (SEC). The SEC has pushed for a longer timeline despite appeals for a resolution and rising Ripple support.

    Garlinghouse had previously planned for a resolution in the first half of 2023, but with the evidence piling, the SEC might drag it out further. Alterity criticized the SEC's answer, alleging that the agency "needs more time, not to listen or engage, but to bulldoze on mindlessly."

    The SEC vs. Ripple lawsuit

    The SEC submitted a motion on November 3 to extend the deadline for submitting all briefs until November 30. It requested that any new amicus papers be submitted by November 11 in response to the judge's instruction.

    "Twelve different, independent voices have filed in SEC v. Ripple to demonstrate how dangerously mistaken the SEC is. These voices include businesses, developers, exchanges, public interest and trade associations, and retail holders. How did the SEC react? We require more time to continue our blind bulldozing rather than to listen or interact."

    Coinbase, the Chamber of Digital Commerce, the Crypto Council for Innovation, the Blockchain Association, Valhil Capital, I-Remit, Spend The Bits, and a growing list of other supporters have already filed briefs in favor of the case. Veri DAO also joined the list of Ripple supporters with its amicus brief.

    It's currently in a deadlock. But if history is any indication, the SEC faces a challenging challenge. As the SEC requires, no corporation has yet to regulate cryptocurrency tokens as securities.