Who will win in the lawsuit between Ripple and the Securities and Exchange Commission? So far, neither can claim victory. Nevertheless, the scales seem to be tilting in favor of Brad Garlinghouse’s team. As observers have predicted that this long episode will end around the first half of 2023, the American cryptocurrency exchange Coinbase comes to the rescue of its friend Ripple.
Coinbase seeks permission to file amicus curiae brief
” Earlier today, Coinbase asked Judge Torres for permission to file a memorandum ofamicus curiae in the SEC case regarding XRP. Our view is quite simple: this is a textbook case of how fair notice criticizes all reasonable notice of due process under the law. »
Paul Grewal, author of this tweet published on October 31, is none other than the legal manager of Coinbase. He adds comments relating to:
- a reminder of the inability of government agencies to classify behavior as a violation of the law in the absence of fair notice;
- the contradictory act of the SEC which sued the sellers of XRP tokens while it declared in public that these transactions were legal.
In other words, Coinbase would like to correct a Securities and Exchange Commission that failed to make it known that the activity is illegal before taking enforcement action. The neglect of this fair opinion prompted the American crypto exchange to form this document. It should also be noted that it will only be taken into account 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 a motion was filed for the submission of another amicus curiae (“friends of the court”) brief by the Blockchain Association. This collective of crypto enthusiasts highlighted the ” devastating effects that the opinions of Gary Gensler, chairman of the SEC, could produce.
Also, amicus curiae briefs from the XRP “decentralized community”, the Crypto Council for Innovation and Valhil Capital were filed on the same day as Coinbase.
Ripple has been in a legal confrontation with the United States Securities and Exchange Commission for 2 years now. The reason ? Ripple allegedly sold XRP tokens (XRP) 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 sentencing Ripple.
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