CDC Endorses Lummis-Gillibrand Bill in Proposed Amicus Brief in SEC v. Ripple
The Chamber of Digital Commerce has requested to file an amicus brief in the SEC's protracted case against Ripple Labs and supports the passage of legislation to clear up a legal gray area.
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The Chamber of Digital Commerce (CDC) has asked to file an amicus brief in United States Securities and Exchange Commission v. Ripple Labs and its executives Bradley Garlinghouse and Chris Larsen. Liliya Tessler of Sidley Austin filed a set of documents, including the proposed brief, with the U.S. District Court for the Southern District of New York on Wednesday.
The CDC is the world's largest blockchain and digital assets group, with over 200 members including industry players, investors and law firms. He argued that the Chamber has no “opinion on whether the offer and sale of XRP is a securities transaction,” but wants to “ensure that the legal framework applied digital assets underlying an investment contract is clear and consistent". adding:
"Maintaining this distinction is essential to developing a predictable legal environment through technology-neutral precedent, which the Court has the power to do."
The documents later rephrase the issue as "whether the well-settled law applicable to the offer and sale of an investment contract that is a transaction in securities is properly distinguished from the law applicable to secondary transactions in digital assets that were previously the subject of an investment contract" in view of the fact that "no federal law (or regulation) specifically governs the legal qualification of digital assets recorded on a blockchain".
The Chamber considers Ripple v. SEC.
Expect something similar to what he filed in the Telegram case and the argument is that while the SALE of XRP may have been a security, the token is not inherently a security .
Similar to JDeaton, but not as compelling. https://t.co/D7m0kxKdp6
— Jeremy Hogan (@attorneyjeremy1)
The Chamber of Digital Commerce has requested to file an amicus brief in the SEC's protracted case against Ripple Labs and supports the passage of legislation to clear up a legal gray area.
New
The Chamber of Digital Commerce (CDC) has asked to file an amicus brief in United States Securities and Exchange Commission v. Ripple Labs and its executives Bradley Garlinghouse and Chris Larsen. Liliya Tessler of Sidley Austin filed a set of documents, including the proposed brief, with the U.S. District Court for the Southern District of New York on Wednesday.
The CDC is the world's largest blockchain and digital assets group, with over 200 members including industry players, investors and law firms. He argued that the Chamber has no “opinion on whether the offer and sale of XRP is a securities transaction,” but wants to “ensure that the legal framework applied digital assets underlying an investment contract is clear and consistent". adding:
"Maintaining this distinction is essential to developing a predictable legal environment through technology-neutral precedent, which the Court has the power to do."
The documents later rephrase the issue as "whether the well-settled law applicable to the offer and sale of an investment contract that is a transaction in securities is properly distinguished from the law applicable to secondary transactions in digital assets that were previously the subject of an investment contract" in view of the fact that "no federal law (or regulation) specifically governs the legal qualification of digital assets recorded on a blockchain".
The Chamber considers Ripple v. SEC.
Expect something similar to what he filed in the Telegram case and the argument is that while the SALE of XRP may have been a security, the token is not inherently a security .
Similar to JDeaton, but not as compelling. https://t.co/D7m0kxKdp6
— Jeremy Hogan (@attorneyjeremy1)What's Your Reaction?
