Ripple Supported By This Token Burner In Court
A motion to submit an amicus brief in support of Ripple in its legal conflict with the SEC has been made by Reaper Financial, LLC. This blockchain corporation burns the coins of other businesses on the cryptocurrency market and launched its token RPR on XRP Ledger.
New ally supports Ripple
James Filan, a well-known corporate attorney and supporter of XRP, tweeted that Reaper Financial LLC had asked Judge Torres, the judge presiding over the XRP -SEC case, for permission to intervene as an amicus curiae in this case.
The issuer of the RPR coin based on the XRP Ledger is Reaper Financial (XRPL). The corporation emphasizes that it is not affiliated with XRP in the document submitted to the judge. Its primary objective is to acquire other companies’ digital assets and destroy them in order to deplete the supply of those coins in circulation by sending them to unspendable wallets.
Ripple ally is defeated by SEC in court
One of the businesses that backed Ripple in its legal battle with the securities regulator, LBRY Network, has lost. The District of New Hampshire court rejected the argument that the company’s token should be classified as an unregistered securities, the same charge the SEC is using to challenge the Ripple-affiliated XRP.
In total, 12 businesses have recently submitted amicus curiae filings in favor of Ripple Labs’ lawsuit against the SEC, according to Ripple CEO Brad Garlinghouse. One of them is the American cryptocurrency exchange Coinbase.
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