It’s official, Coinbase has joined the Ripple clan in its long legal battle against the Securities and Exchange Commission. Two weeks ago, the American crypto exchange made the request for the filing of an amicus curiae brief to Judge Torres.
Coinbase slams condemnation-prone SEC
Yesterday, Coinbase filed its famous amicus curiae brief in support of Ripple’s defense.
In his documentCoinbase clarified that:
” In order to ensure that the existing due process precedents on which the fair notice defense is based continue to protect against improper regulatory application when needed, the Court should deny the SEC’s motion for summary judgment on this issue. », Reports Forkast.
Coinbase also clarified that US regulators cannot afford to condemn conduct as a violation of the law. So they can’t even provide a fair opinion.
He added that:
” In prosecuting XRP token sellers, after making public statements that these transactions were legal, the SEC lost sight of this fundamental principle. »
SEC vs Ripple vs Republicans?
A week ago, the Securities and Exchange Commission had its ears pulled by American elected officials. The fact that it promulgates ” too many rules, too quickly would not help American investors, businesses and financial markets. This was highlighted by Senator Pat Toomey and Representative Patrick McHenry in their letter to this institution. Gary Gensler must have experienced the worst reprimand of his tenure via the letter sent by them.
It should also be noted that the Ripple vs SEC lawsuit lasted for 2 years.
Recently, we reported that the US agency won another battle that would not directly affect Ripple. But it could unfortunately influence the outcome of his trial. This is indeed the counterfeiting case of LBRY’s LBC tokens. The financial policeman considers that these constitute securities sold without having taken into account the law on securities. And he won at the expense of crypto enthusiasts.
As a reminder, an amicus curiae brief (“friends of the court”) is similar to a legal act emanating from an individual or an organization that wants to influence the judge’s decision. Aside from Coinbase, the Blockchain Association has also submitted an amicus curiae brief supporting Ripple in its SEC filing.
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