You have our swords: 12 independent entities pledge legal support for Ripple

The evidence is mounting as “friends of the court” line up in support of Ripple Labs.

Fintech firm Ripple is garnering more support from the crypto and finance industry in its ongoing battle with the United States Securities and Exchange Commission (SEC).

On Nov. 4, Ripple chief executive Brad Garlinghouse proudly tweeted that the number of companies, developers, exchanges, associations, and investors officially supporting the firm has reached 12.

The pile of amicus briefs being filed is mounting up according to Ripple Labs general counsel Stuart Alderoty.

An amicus brief is a legal document filed in appeals cases to aid the court by providing extra relevant information or arguments. These briefs are filed by amicus curiae, a Latin phrase that translates to “friend of the court.”

“It’s unprecedented (I’m told) to have this happen at this stage,” Garlinghouse exclaimed.

For those of you keeping count, 12 (!) amici briefs submitted.  It’s unprecedented (I’m told) to have this happen at this stage. They each explain – in their own unique way – the irreparable harm the SEC will do to every facet of the US crypto economy if it gets its way.

— Brad Garlinghouse (@bgarlinghouse) November 3, 2022

On Nov. 3, the SEC filed a motion to extend the time to file all reply briefs until Nov. 30. It asked Judge Analisa Torres to order that any additional amicus briefs be filed by Nov. 11.

Alderoty mocked the SEC’s response claiming that the agency “needs more time, not to listen or engage, but to blindly bulldoze on.” Garlinghouse had previously hoped for a conclusion in the first half of 2023, but with the evidence mounting, the SEC could drag it out longer.

The most recent amicus brief was filed by Cryptillian Payment Systems on Nov. 3 as confirmed by defense lawyer James K. Filan.

#XRPCommunity #SECGov v. #Ripple #XRP Cryptillian Payment Systems, an online digital wallet service for retail customers and commercial retail businesses using XRP, asks to file an Amicus Brief supporting Ripple’s Opposition to the SEC’s Motion for SJ.

— James K. Filan 124k (beware of imposters) (@FilanLaw) November 3, 2022

Veri DAO also joined the list of Ripple supporters on Nov. 3 with its own amicus brief.

That growing number of supporters that have already filed briefs include Coinbase, the Chamber of Digital Commerce, the Crypto Council for Innovation, the Blockchain Association, Valhil Capital, I-Remit, Spend The Bits, Tapjets, the Investor Choice Advocates Network (ICAN), and John Deaton on behalf of more than 75,000 XRP (XRP) investors.

Related: ‘Well worth the fight’ — Ripple counsel confirms Hinman docs are in their hands

The U.S. securities regulator took action against Ripple in December 2020, accusing the company and its executives of conducting an unregulated securities sale of its XRP token.

Almost two years later, the battle is still raging on but support for Ripple is growing as its case strengthens. Garlinghouse has previously stated that Ripple would consider a settlement with the SEC, providing that XRP is not classified as a security.

Related Posts

Court in China Recognizes NFTs as Virtual Property Protected by Law

A court in the Chinese city of Hangzhou has determined that non-fungible tokens, or NFTs, represent virtual property protected by the laws in the People’s Republic. The…

Cryptocurrency has become a playground for fraudsters

Currency speculation was once the preserve of banking institutions, governments, and investment funds. But with cryptocurrency, it’s being sold to the public as casino entertainment. News involving…

3 reasons why Ethereum price keeps rejecting at the $1,300 level

Traders are not sure if ETH will be able to hold the $1,200 level while the S&P 500 rapidly approaches the crucial 3,900 support and ETH derivatives…

North Korean Lazarus Group is targeting crypto funds with a new spin on an old trick

Microsoft and cybersecurity firm Volexity have traced a new version of AppleJeus malware to the hackers behind the Ronin exploit and numerous other online heists. Microsoft reports…

Sam Bankman-Fried hires defense attorney as US authorities probe FTX: Report

Mark Cohen was a former assistant U.S. attorney for the Eastern District of New York who was also on the defense team for the high-profile criminal case…

Strike Brings Lightning-Based Remittance Payments to Africa

Bitcoin payments platform Strike has now expanded to Africa, enabling instant and low-cost remittances to the continent by leveraging its new “Send Globally” feature. The tool, available…

Generated by Feedzy