With the SEC lawsuit’s conclusion around the corner, the defendant Ripple continues to gather support from the crypto community.
In the latest development, the largest crypto exchange in the United States, Coinbase, has filed a request for filing ‘amicus brief’ in support of Ripple’s summary judgement motion. In the brief, Coinbase firstly mentioned that despite their request to SEC for providing guidance to the market, the agency remained adamant with their policy to regulate crypto by enforcement.
— James K. Filan
123k (beware of imposters) (@FilanLaw) October 31, 2022
Specifically, for the lawsuit, Coinbase stated that in the environment where market laws and regulations are non-existent, Ripple should have been given fair notice before the SEC filed the unexpected lawsuit.
Coinbase affirmed Ripple’s allegations on SEC that the agency is deliberately choosing the winners as the firm stated, while other companies with similar digital assets like XRP are not bothered, Ripple has been subject of extensive enforcement scrutiny. The exchange also noted that SEC’s current registration requirements are unsuitable for crypto platforms.
According to Coinbase, at present the SEC only allows retail investors to deal with crypto via an intermediary figure, that charges service fee which resultantly safeguards investors from potential risk. In the context exchange’s chief legal officer Paul Grewal stated:
“By suing sellers of XRP tokens after making public statements signalling that those transactions were lawful, the SEC has lost sight of this bedrock principle.”
The most significant and shocking revelation that was made in the brief was that, as per firm’s projections, XRP investors lost a whopping $15 billion as consequence of the SEC lawsuit.
#XRPCommunity #SECGov v. #Ripple #XRP The Crypto Council for Innovation has requested permission to file an Amicus Brief in support of the Ripple’s Defendants’ Brief in Opposition to the SEC’s Motion for Summary Judgment. The proposed brief is Exhibit A.https://t.co/pz65ulWeJT
— James K. Filan
123k (beware of imposters) (@FilanLaw) November 1, 2022