Coinbase, a cryptocurrency exchange situated in the United States has formally filed an amicus brief in Favour of Ripple Labs Inc. in the pending litigation in the United States.
Coinbase, which has said that it is the biggest cryptocurrency trading platform in the United States by trade volume, submitted a brief on Monday in support of Ripple’s fair notice position.
According to Coinbase’s brief, “the Court should reject the SEC’s move for summary judgement on this issue” because doing so would “guarantee the current due process standards on which the fair notice argument depends no longer shield against unlawful regulatory oversight when required.”
According to Coinbase, government authorities are unable to condemn activity as a breach of law without giving fair notice, but “by prosecuting sellers of XRP tokens after making public declarations suggesting that those transactions were legitimate, the SEC has lost sight of this core principle,” Coinbase claimed.
The Securities and Exchange Commission (SEC) initiated legal action against Ripple and its officials in December 2020, stating that the sale of XRP represented an issuance of unregistered securities with a value of more than $1.38 billion US dollars.
An amicus brief is a document that is often filed with a court by a person or organization that is not a party to the case but seeks to have an effect on the judgement that the court makes.
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