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Fintech firm Ripple is getting more support from the crypto and financial industry in its ongoing battle with the United States Securities and Exchange Commission (SEC).
On November 4, Ripple CEO Brad Garlinghouse boasted that the number of companies, developers, exchanges, partnerships, and investors supporting the industry has reached 12.
The pile of amicus briefs is growing, says Ripple Labs consultant Stuart Alderoty.
An amicus brief is a legal document that is filed in appellate cases to assist the court by providing relevant information or arguments. These briefs were filed by amicus curiae, a Latin word that translates to “friend of the court.”
“It’s never happened before (I’m told) that this has happened in this area,” Garlinghouse said.
For those of you keeping count, 12 (!) amici briefs have been filed. It’s unprecedented (I say) that this has come up so far. They explain – in their own way – the irreparable damage that the SEC will do to all sectors of the US crypto economy if it succeeds. https://t.co/Na9fWq3GvO
— Brad Garlinghouse (@bgarlinghouse) November 3, 2022
On November 3, the SEC filed a motion to extend the time to file all response reports until November 30. Judge Analisa Torres asked to order additional amicus briefs to be filed on Nov. 11.
Alderoty scoffed at the SEC’s response saying the industry “needs more time, not to listen or engage, but to shoot blindly.” Garlinghouse had previously hoped for a decision in the first half of 2023, but due to mounting evidence, the SEC could drag it out even longer.
The latest amicus brief filed by Cryptillian Payment Systems on November 3 was confirmed by attorney James K. Filan.
#XRPCommunity #SECGov v. #Report #XRP Cryptillian Payment Systems, an online digital payment service for merchants and e-commerce businesses that use XRP, requests to file an Amicus Brief in support of Ripple’s Opposition to the Motion of SEC for SJ.https://t.co/brFjNVmUmq
— James K. Filan 124k (beware of scammers) (@FilanLaw) November 3, 2022
Veri DAO also joined the list of Ripple supporters on November 3 with its own amicus brief.
A growing number of sponsors have briefed 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 for more than 75,000 XRP (XRP).
about: ‘Good fight’ — Ripple advisor says they have Hinman’s documents in their hands
The U.S. securities regulator took action against Ripple in December 2020, accusing the company and its executives of conducting an illegal securities sale of its XRP token.
Nearly two years later, the battle is still raging but support for Ripple is growing as its case becomes stronger. Garlinghouse has previously stated that Ripple is considering a settlement with the SEC, as XRP is not classified as a security.
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