Tue 01 Nov 2022 ▪ 14:00 ▪
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Who will win in the lawsuit between Ripple and the Securities and Exchange Commission? So far, neither can claim victory. However, the scales seem to tip in favor of Brad Garlinghouse’s team. As observers have predicted this long episode will end around the first half of 2023, US cryptocurrency exchange Coinbase comes to the rescue of its friend Ripple.
Coinbase is asking for permission to submit an amicus curiae brief
” Today, Coinbase asked Judge Torres for permission to file an amicus curiae memo in the SEC case regarding XRP. Our point of view is quite simple: this is a textbook case of how fair notice criticizes any reasonable notice of due process under the law. “
Paul Grewal, author of this tweet published on October 31st, is none other than Coinbase’s legal officer. He adds comments related to:
- a reminder of the inability of government agencies to classify the conduct as a violation of the law in the absence of due notice;
- the SEC’s contradictory act suing XRP token sellers while publicly declaring these transactions were legal.
In other words, Coinbase would like to correct a Securities and Exchange Commission that has not made it known that the business is illegal before taking enforcement action. The abandonment of this fair opinion prompted the American cryptocurrency exchange to compile this document. It should also be noted that it will only be considered when the court decides on the Ripple vs SEC case.
Ripple, increasingly supported by the crypto community
This request from Coinbase came three days after the Blockchain Association filed a motion to file another amicus curiae (“friends of the court”). This collective of cryptocurrency enthusiasts highlighted the ” devastating effects that the views of Gary Gensler, chairman of the SEC, could produce.
Furthermore, the amicus curiae briefs of the “decentralized community” of XRP, the Crypto Council for Innovation and Valhil Capital were filed on the same day as Coinbase.
Ripple has had a legal confrontation with the US Securities and Exchange Commission for 2 years now. The reason ? Ripple allegedly sold XRP (XRP) tokens as unregistered securities. But Brad Garlinghouse and his team do not intend to be easily beaten by the regulator. Now that they have a whole horde of enthusiasts behind them, the judge might think twice before convicting Ripple.
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The blockchain and crypto revolution is underway! And the day the impacts are felt on the most vulnerable economy in this world, against all hope, I will say that it has something to do with it.