More Incoming Allies for Ripple as Coinbase Submits an Amicus Curiae Filing in SEC Lawsuit
Coinbase, a cryptocurrency platform, has submitted paperwork requesting authorization to assist Ripple Research facilities in its protracted court case with the Government.
Deep Diving in Ripple’s Extending SEC Lawsuit
The newest company to support Ripple Technologies in its court dispute with the SEC is an American cryptocurrency trading Coinbase. The case might be resolved as early as the early quarter of 2023.
In a succession of social media posts on October 31, Coinbase’s principal compliance director, Paul Grewal, stated that perhaps the platform had sought the supervising court for authorization to write an amicus position and claimed that the dispute was a “classic” illustration of “exactly how important reasonable disclosure is.”
Earlier this afternoon, @coinbase sought approval from Justice Torres to submit an amicus filing in the SEC matter involving XRP. The argument is rather straightforward: this serves as a classic example of how crucial equitable disclosure is across any acceptable disclosure of legal due process.
A written statement giving feedback and suggestions on a legitimate dispute from a group or person who is not substantially engaged in the lawsuit is called an amicus plea, sometimes referred to as a “fellow of the law.”
Grewal continued, “Condemning behavior as a breach of jurisprudence with ensuring equitable disclosure that perhaps the activity is criminal” is prohibited by the U.S. Amendment.
The SEC, he continued, “apparently misplaced the track of the whole core concept by prosecuting vendors of Ripple assets despite publicly releasing declarations stating that certain exchanges were permissible.”
If permitted, Coinbase would accompany the non-profit Consumer Freedom Activists Group and the cryptocurrency custom software SpendTheBits in being among those who were allowed access to submit legal filings in October.
Additionally, the petition to lodge an amicus statement on account of the Ripple “distributed ecosystem” and arguments from the crypto rights organization Cryptocurrency Coalition for Development and the startup financing agency Valhil Capital were issued on the exact same day as the submission by crypto advocate John Deaton.
It moreover comes following the Cryptocurrency Alliance, an organization that promotes cryptocurrency, stated on October 28 that they had submitted its first amicus statement in favor of XRP and warned that SEC commissioner Gary Gensler’s ideas on securities rules might have “catastrophic implications” on the industry.
One significance of this extending involvement from Coinbase is the increasing success ratio boost it will give to Ripple. It begs the question should a headway be expected in upcoming days? An answer to this remains a rhetorical one. With the above being said, SEC’s counterproductive move remains to be seen and summary will be highlighted below.
SEC’s Potential Move
The SEC has already been involved in an approximately 2 court dispute with Ripple Technologies because it considers the issuance of its Ripple coins to be an unlicensed security.
In a session at DC Finance Week on October 11, Ripple Chairman Brad Garlinghouse predicted that the lawsuit may be resolved by the middle of 2023 but acknowledged that it might be difficult to pinpoint a precise conclusion timeframe.
