It's no longer news that the Securities and Exchange Commission (SEC) and Ripple have been tied up in a court case for over 20 months. As a battle, many predict its outcome to be a significant step in the future of crypto, and several notable people have been trooping out to support Ripple in this duel. Some days ago, Ripple Labs received backing from the US-based crypto advocacy group Blockchain Association. Now, recent reports have revealed the growth of more supporters for the crypto exchange.
Read:Sponsorship of stadiums garnered more tourists than new cryptocurrency traders
Now 11 Entities Back Ripple With An Amicus Brief Vs. The SEC
The relevant judge, Analisa Torres, recently obtained an amicus brief from the American exchange Coinbase. A Ripple victory is significant because the brief suggests that Coinbase regards the lawsuit as setting an example for the whole cryptocurrency sector.
Eleven organizations, including the Blockchain Association, have filed an amicus brief supporting Ripple. These organizations include Coinbase, I-Remit, the Chamber of Digital Commerce, the Crypto Council for Innovation, Valhil Capital, Spend The Bits, Tapjets, ICAN, John Deaton on duty on behalf of more than 75,000 XRP investors, and Cryptillian Payment Systems. However, these businesses do not directly collaborate with Ripple, as Cryptillian's lawyers note.
However, given that XRP is among the recognized crypto assets, there appears to be significant interest in the litigation. Moreover, one of the six digital assets that Cryptillian permits its cardholders to keep and transfer to its merchants is the cryptocurrency XRP, which is why Cryptillian claims to be interested in the case.
The second most popular asset on the platform is Ripple's XRP. As a result, the business also spent considerable financial resources, money, and time to incorporate XRP transactions on Ripple's XRP Ledger. Moreover, all of this was done in a fashion that is unrecognizable from standard card purchases.
The SEC claims all XRP transfers violate the Securities and Exchange Act of 1934, but the cryptocurrency network disputes this. The company has executed vast numbers of XRP transactions between its cards and merchants since September 2021, claim Cryptillian's attorneys.
Therefore, an SEC victory would severely harm the company's business. In addition, all users have violated the Securities and Exchange Act of 1934 in the past.
Hence, Cryptillian requests that the court use its authority to permit the submission of the planned brief. This is because the brief has a different outlook than the present, which will benefit the court in addressing the cross-motions for summary judgment.
Additionally, the business pledged to give the court information demonstrating how frequently Americans use XRP for purposes unrelated to securities transactions.
At the time of publication, XRP was still trading beyond its 200-day moving average and exhibited no fluctuation.
The results of this lawsuit are becoming more evident, and it's easy to predict who will emerge victorious. Do you have more opinions about this lawsuit? Kindly share them with us in the comments section.
