Blockchain Association Requests Authorization To Support Ripple Against SEC
The SEC sued Ripple towards the end of 2020 on charges that it offered XRP as an unregistered securities. Since then, the matter has undergone a series of procedural procedures, and the parties have now submitted their applications for summary judgment.
On Friday, the Blockchain Association requested the court handling the case for permission to join the lawsuit, as well as the actual amicus brief.
“The SEC’s extremely broad interpretation of the securities laws would have devastating effects on the industry,” the motion for leave said.
According to a memorandum of law in support of the request for leave, the real brief highlights other uses of crypto tokens inside the sector rather than solely Ripple. The court should consider the precise purpose of a token, and the SEC illegally used secondary sales as evidence that the corporation was breaking federal securities laws.
According to the complaint, many tokens are utilized in secondary market transactions and do not fit the various elements of the Howey Test, a Supreme Court case that is commonly used as precedent in determining whether an asset is a security.
Much of the brief is devoted to determining how extensively securities regulations apply to tokens outside of initial public offerings. According to the filing:
“The securities laws do not contemplate how an asset that may have been issued as a security can exist when it is no longer attached to any form of investment contract, a crucial consideration when attempting to apply Howey.”
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