The Blockchain Association, a U.S. lobby organization, and a number of other institutions and businesses have officially submitted amici papers in favour of Ripple Labs Inc. in the continuing case between Ripple and the U.S. Securities and Exchange Commission (SEC).
In an amicus brief submitted on Tuesday, the Blockchain Association said that “the SEC’s excessively wide interpretation of the securities laws would have disastrous implications on the sector (and even outside of the business).”
On Tuesday, Ripple received backing from another group of industry heavyweights in the form of an amicus brief submitted by the Crypto Council for Innovation (CCI).
The SEC “has mainly chosen enforcement over regulation as the means to manage this developing environment to date,” CCI said in its petition.
In the same line, this week saw the submission of papers challenging the SEC from Veri DAO, Cryptillian Payment System, Reaper Financial, and Paradigm Operations, all organisations and businesses associated with cryptocurrencies.
The SEC filed an action against Ripple and its officials in December 2020, claiming the sale of XRP equated to an issue of unregistered securities valued at over US$1.38 billion.
A person or group that is not a direct participant in the case but wants to have an impact on the outcome might file an amicus brief.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.