SEC Gains Another Supporter In Ripple Case

In an effort to support the action brought by the U.S. Securities and Exchange against Ripple, the New Sports Economy Institute (“NSEI”) has asked the court to allow it to submit an amicus brief.

The larger fool theory is said to be the driving force behind the NSEI’s proposed brief, which claims that the Ripple-affiliated XRP coin is a “speculative tool.” Ripple is “nitpicking at every stage and misconstruing the genuine intent,” according to the SEC advocate, who contends that the defendants are reading.

XRP buyer is “absolutely” reliant on other people’s efforts – SEC

The speculative intent is also said to “much surpass” the consumptive intent, according to this belief.

A “short peek” at XRP-related chats, according to the movant, indicates that “the vast majority of these people” are not there to talk about how they are “consuming” the token.

The brief states, “They are there for speculation, plain and simple.” It continues by saying that cryptocurrency exchanges are “gladly capitalizing” on the urge of the typical XRP buyer to speculate on the token’s price.

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