12 entities join Ripple in SEC legal battle
A well-known cryptocurrency project is gaining allies in the fight against American officials
More and more entities not involved in the battle between Ripple Labs and the SEC are offering their legal opinion.
The Ripple project, known among the cryptocurrency community, with its own virtual currency XRP, recently announced that it received support from 12 independent entities in a court fight announced by the US Securities and Exchange Commission (SEC). These entities assumed the role of amicus curiae. In legal terminology, these are persons or organizations that are not a party to the proceedings, but voluntarily offer their legal opinion or other assistance with the subject of the trial.
Details of Ripple's legal battle against the SEC and its supporters
It's been almost 2 years since the SEC took legal steps against Ripple Labs, the creator of the XRP cryptocurrency. In the opinion of this US regulator of the stock market, Ripple sold unregistered securities worth billions of dollars.
Despite the fact that the court battle continues, the fintech enterprise is gaining more and more support from the cryptocurrency and financial industries. According to the information published by the CEO of Ripple Labs - Brad Garlinghouse, the number of companies, developers, exchanges, associations and investors legally supporting this company is constantly growing. The entities offering their assistance have so far submitted 12 amicus opinions.
The term amicus curiae is most often used in Anglo-Saxon legal practice and refers to a person, organization or institution that is not a party to court proceedings. The essence of this legal institution lies in the fact that a given entity voluntarily offers the court a legal opinion or other assistance related to the proceedings.
On November 3, the SEC filed a request to extend the deadline for submitting all amicus reviews until November 11. Brad Garlinghouse hopes that the court battle between his company and the US commission will end in 2023.
The companies that have supported Ripple Labs include such entities as: Coinbase, Cryptillian Payment Systems, Chamber of Digital Commerce, Crypto Council for Innovation, Blockchain Association, as well as Valhil Capital, I-Remit, Spend The Bits, Tapjets, Advocates Network (ICAN ) and John Deaton on behalf of over 75,000 XRP investors.
Brad Garlinghouse previously reported that the company he manages would consider settling with the SEC. However, he decided that this would only happen if the XRP token remains an asset that is not a security.
