Ripple Labs: Under Fire but Still Standing
More and more people are speaking out in support of Ripple Labs as the evidence against them grows.
Ripple is receiving more support from the crypto and finance industry in its battle against the United States Securities and Exchange Commission (SEC). This is a positive development for the company, as it continues to fight for legitimacy in the eyes of regulators. Ripple has been steadfast in its belief that it is not a security, and this support from the industry only strengthens its position.
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. This is a great accomplishment for Ripple, as it shows that the company has strong support from many different sectors. This support will help Ripple continue to grow and succeed in the future.
The pile of amicus briefs being filed in support of Ripple Labs is mounting up, according to Ripple Labs general counsel Stuart Alderoty.
The amicus brief is a vital tool in the appeals process, providing the court with extra relevant information and arguments. These briefs are filed by amicus curiae, a Latin phrase that translates to "friend of the court." By definition, amicus curiae are impartial parties who are not directly involved in the case at hand, but who have a vested interest in its outcome. In filing an amicus brief, these parties provide the court with valuable insight and perspectives that may otherwise be overlooked.
It's unprecedented to have this happen at this stage,” Garlinghouse exclaimed. This is a big blow to the Ripple community, which has been working tirelessly to promote the use of the XRP token.
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. https://t.co/Na9fWq3GvO
— Brad Garlinghouse (@bgarlinghouse) November 3, 2022
The SEC's motion to extend the filing deadline for reply briefs until Nov. 30 is a positive development. This will give all parties involved more time to prepare their arguments and present their case. Additionally, the SEC's request for any additional amicus briefs to be filed by Nov. 11 will ensure that all relevant voices are heard in this important matter.
It is clear that the SEC is not interested in finding a resolution that is acceptable to all parties involved, but rather is intent on continuing to drag out the process. This is not in the best interests of investors or the crypto industry as a whole, and is likely to result in further delays and frustration.
The most recent amicus brief filed by Cryptillian Payment Systems on Nov. 3 as confirmed by defense lawyer James K. Filan is a major victory for the company. This brief will help to ensure that the company's products and services are not subject to government regulation. This is a huge win for the company and its customers.
#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.https://t.co/brFjNVmUmq
— James K. Filan 124k (beware of imposters) (@FilanLaw) November 3, 2022
It's great to see Veri DAO joining the ranks of Ripple supporters! With its amicus brief, Veri DAO is lending its voice to the growing chorus of those who believe in the potential of Ripple and its technology.
I am excited to see so many supporters filing briefs in support of Ripple. This shows that the crypto community is united in its belief that Ripple is a valuable innovation that should be protected. I believe that Ripple has the potential to transform the financial industry, and I am confident that it will continue to grow in popularity and use. I am grateful to all of the supporters who are helping to make this possible.
It is clear that the US securities regulator is not a fan of Ripple or its XRP token. In December 2020, the regulator took action against the company, accusing it of conducting an unregulated securities sale. This is a major blow to Ripple, which has long touted XRP as a legitimate cryptocurrency.
The battle over Ripple's XRP cryptocurrency is still raging on, but support for the company is growing as its case strengthens. Ripple CEO Brad Garlinghouse has previously stated that the company would consider a settlement with the U.S. Securities and Exchange Commission (SEC), provided that XRP is not classified as a security. Many believe that Ripple has a strong case, as XRP is not centrally controlled like other cryptocurrencies and has a number of uses beyond just being a digital currency.
