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.

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