Ripple support grows in SEC lawsuit over XRP – CEO says ‘unprecedented’ – Bitcoin News Regulatory

Support for Ripple Labs has grown in its fight against the US Securities and Exchange Commission (SEC) over xrp, with 12 friendly briefs submitted. “It’s unprecedented,” said Brad Garlinghouse, CEO of Ripple, adding that each brief explains in its own unique way “the irreparable damage the SEC would do to every aspect of the US crypto economy if it were to happen.”

12 Amicus Feeds Provided to Support Ripple

A growing number of friend feeds have been submitted in support of Ripple Labs as the company continues to fight the US Securities and Exchange Commission (SEC) lawsuit over the XRP sale. Twelve friendly summaries have been submitted on Ripple’s behalf so far, including one by Nasdaq-listed crypto exchange Coinbase, which was among the first trading platforms to delist XRP after the SEC lawsuit.

Brad Garlinghouse, CEO of Ripple, tweeted on Friday:

For those of you who keep counting, 12 amici briefs have been made. It’s unprecedented (I’m told) for this to happen at this point. Each explains – in their own unique way – the irreparable damage that the SEC will do to every aspect of the US cryptocurrency economy if it gets in its way.

Besides Coinbase, other individuals, companies and organizations that have submitted friendly notes on behalf of Ripple are ICAN, I-Remit, Tapjets, Spendthebits, Blockchain Association, John E.Deaton, Crypto Council for Innovation, Valhil Capital, Chamber of Digital Commerce, Cryptillian Payment Systems and Veri Dao LLC.

With the growing number of Friends Briefs filed on behalf of Ripple, the Securities and Exchange Commission has asked the court for more time to respond. Friday, the court granted Agency proposal to extend time for all parties to file and respond to a friend’s notes. The deadline for submitting Friend Briefs is now November 11th and responses must be submitted by November 30th.

Commenting on the Securities and Exchange Commission (SEC) seeking more time to respond to all submitted girlfriend submissions, Stuart Aldrotti, Ripple’s general counsel, tweeted Thursday:

Dozens of independent voices — corporations, developers, exchanges, public interests and trade associations, retail owners — are all working in the SEC against Ripple to explain how dangerous the SEC is. What is the SEC’s response? We need more time, not to listen or engage, but to calm down blindly.

The securities regulator sued Ripple, its CEO, and co-founder Chris Larsen in December 2020 over the sale of XRP, claiming that the crypto token is a security.

Garlinghouse said last month that he expects an answer in the first half of 2023, noting that Ripple will consider a settlement with the SEC if the regulator states that XRP is not a security. The CEO emphasized that the XRP issue is not just about Ripple but the entire cryptocurrency industry.

SEC Chairman Gary Gensler has said on several occasions that while Bitcoin is a commodity, most other tokens are securities. However, the Securities and Exchange Commission (SEC) has been criticized for taking an enforcement-focused approach to regulating the crypto industry. In addition, four US lawmakers sent Gensler a letter this week accusing him of “hypocritical mismanagement” of the Securities and Exchange Commission and refusing to “exercise what he advocates.”

Tags in this story

amicus briefs, Brad Garlinghouse, Coinbase, SEC court, Ripple, Ripple Labs, SEC, Sec, xrp lawsuit, sec xrp, ripple support, xrp, xrp security

Do you think SEC or Ripple Labs will win this case? Do you think the Securities and Exchange Commission will declare XRP not a security? Let us know in the comments section below.

Kevin Helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been a missionary ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.

photo credits: Shutterstock, Pixabay, Wikicommons

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