Digital Chamber of Commerce obtains clearance to join SEC lawsuit against Ripple
Crypto Advocacy Group Granted "Friend of the Court" Status.
New
A U.S. cryptocurrency advocacy group, the Chamber of Digital Commerce (CDC), has received permission from the Court for the Southern District of New York to participate as an amicus curiae in the U.S. Securities and Exchange Commission case (SEC) vs. Ripple Labs. 'Friend of the court' status allows them to assist a court by providing information, expertise or insight.
An order was signed by Judge Analisa Torres on September 21. The CDC will file its brief by September 26.
While explaining its interest in the case, the CDC's legal team highlighted the far-reaching implications of the court ruling, namely whether the law applicable to corporate actions is properly distinguished from that applicable to secondary transactions .
The case was opened in 2020 when the SEC alleged that Ripple and its executives Brad Garlinghouse and Christian Larsen sold XRP as unregistered securities worth over $1.38 billion. The outcome of this case could determine whether XRP is a security. If the judge rules in favor of the SEC, this could be the precedent the commission needs to take legal action against other crypto projects that have sold tokens in a similar fashion to Ripple.
Related: CFTC Commissioner Visits Ripple Offices as Ruling in SEC Case Looms
Reacting to the CDC's request for amicus curiae status, the SEC asked the court to grant additional time and pages if more amicus briefs are permitted. Ripple
Crypto Advocacy Group Granted "Friend of the Court" Status.
New
A U.S. cryptocurrency advocacy group, the Chamber of Digital Commerce (CDC), has received permission from the Court for the Southern District of New York to participate as an amicus curiae in the U.S. Securities and Exchange Commission case (SEC) vs. Ripple Labs. 'Friend of the court' status allows them to assist a court by providing information, expertise or insight.
An order was signed by Judge Analisa Torres on September 21. The CDC will file its brief by September 26.
While explaining its interest in the case, the CDC's legal team highlighted the far-reaching implications of the court ruling, namely whether the law applicable to corporate actions is properly distinguished from that applicable to secondary transactions .
The case was opened in 2020 when the SEC alleged that Ripple and its executives Brad Garlinghouse and Christian Larsen sold XRP as unregistered securities worth over $1.38 billion. The outcome of this case could determine whether XRP is a security. If the judge rules in favor of the SEC, this could be the precedent the commission needs to take legal action against other crypto projects that have sold tokens in a similar fashion to Ripple.
Related: CFTC Commissioner Visits Ripple Offices as Ruling in SEC Case Looms
Reacting to the CDC's request for amicus curiae status, the SEC asked the court to grant additional time and pages if more amicus briefs are permitted. Ripple
What's Your Reaction?
