More entities from the crypto and finance industry are taking up their figurative swords to fight on fintech firm Ripple’s side — as its legal battle with the US Securities and Exchange Commission (SEC) wages on.
Brad Garlinghouse, the CEO of Ripple, tweeted with delight on November 4 that the company is now officially backed by a total of 12 businesses, developers, exchanges, associations, and investors.
That figure is expected to grow as Ripple Labs general counsel Stuart Alderoty said that the number of amicus briefs (friend of the court) being submitted is escalating.
For those of you keeping count, 12 (!) amici briefs submitted. It’s unprecedented (I’m told) to have this happen at this stage. They each explain – in their own unique way – the irreparable harm the SEC will do to every facet of the US crypto economy if it gets its way. https://t.co/Na9fWq3GvO
— Brad Garlinghouse (@bgarlinghouse) November 3, 2022
The SEC motioned on November 3 to extend the deadline for submitting all response papers until November 30. It requested that any new amicus statements be submitted by November 11 in response to judge Analisa Torres’s order.
Garlinghouse had earlier planned for a resolution in the first half of 2023, but with the evidence piling, the SEC might drag it out further.
According to defense attorney James K. Filan, the most recent amicus brief was submitted by Cryptillian Payment Systems on November 3. On the same day, Veri DAO submitted its own amicus brief — effectively joining the list of Ripple supporters.
The Blockchain Association, Coinbase, the Chamber of Digital Commerce, the Crypto Council for Innovation, and John Deaton as representative of over 75,000 XRP investors are among the growing number of supporters who have already filed briefs.
In December 2020, the U.S. Securities and Exchange Commission filed a complaint against Ripple, alleging that the business and its management had sold its XRP tokens in an unauthorized securities transaction.
Nearly two years later, the dispute is still ongoing. But, as Ripple’s case gains strength, the support that it receives also grows. In the event that XRP is not deemed to be a security, Garlinghouse has earlier suggested that Ripple would explore reaching a settlement with the SEC.
