The Blockchain Association Is Attempting To Intervene In The SEC’s Lawsuit Against Ripple
The Blockchain Consortium, along with other organizations and companies, has officially filed a brief in support of Ripple Labs Inc. in an ongoing lawsuit between the SEC and Ripple.
In December 2020, the SEC filed a lawsuit against Ripple and two of its senior executives for allegedly selling unregistered securities in the form of the XRP coins created by its founders, seeking $1.3 billion in restitution.
It is claimed that CEO Brad Garlinghouse and Executive Chairman Chris Larsen “were objectively reckless in believing that XRP was not a security and that Ripple was on ‘fair notice’ that XRP was a security,” according to a letter from the U.S. Magistrate Judge Sarah Netburn ordered the agency to turn over the documents.
The Council for Crypto Innovation (CCI), a coalition of industry leaders, also submitted a brief on Tuesday in support of Ripple.
“So far, the SEC has largely opted for enforcement over rulemaking as a way to regulate this burgeoning ecosystem,” the CCI wrote in its filing.
Crypto-related organizations and companies like Veri DAO, Reaper this week also submitted their briefs to challenge this government agency.
A summary is usually filed by an individual or entity that is not a party to the case but is intended to influence the court’s decision.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu