NewsletterXRP Lawsuit: Blockchain Association Files Amicus Brief
Lawyer James Filan said that the Blockchain Association has formally filed its amicus brief in Ripple (XRP) SEC lawsuit. “The SEC’s extremely broad interpretation of the securities laws would have devastating effects on the industry,” the filing said. Earlier, Judge Analisa Torres granted motions to file amici briefs to multiple supporters of Ripple and the SEC. The judge allowed 11 applicants to file the briefs — the association, six XRP holders, Coinbase, Valhil, Cryptillian, Veri DAO, the CCI, Reaper Financial, InvestReady, NSEI and Paradigm.
The Blockchain Association works on major litigation regarding blockchain issues. It advocates for a public policy environment to help blockchain networks thrive in the U.S..
XRP’s Chances
On November 7, attorney Jeremy Hogan predicted that the SEC’s motion for summary judgment might not get approval over several claims. He said the commission cannot meet the burden of the Howey test. The Howey Test is a criterion the U.S. Supreme Court set to determine if a transaction qualifies as an investment contract. The Blockchain Association also, in its amicus briefing, argued that the SEC could fail to pass in the Howey test.
“The SEC’s position that market participants can simply follow the securities laws falls flat, because the securities laws do not contemplate how an asset that may have been issued as a security can exist when it is no longer attached to any form of investment contract, a crucial consideration when attempting to apply Howey.”
Coinbase Amicus Brief
In the wake of crypto price collapse due to the meltdown of FTX, XRP lost around 14% of its value in the last 7 days. As of writing, XRP price stands at $0.3918, up 14.96% in the last 24 hours, according to price tracking platform CoinMarketCap. On Monday, after Coinbase’s request to file amicus brief in support of Ripple got granted, the XRP price jumped immediately. The exchange criticized the SEC over rulemaking for digital assets in its filings.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Breaking: USDC Issuer Circle Explores Native Token for Arc Network
- Why Are Top Altcoins ADA, SOL, and ETH Down Today?
- Visa Begins Pilot Program For Direct USDC Payments For U.S. Businesses
- U.S. Government Shutdown Set to End as House Panel Approves Senate Funding Deal
- Analysts Eye FUNToken’s Giveaway as the Push It Needed to Break Out
- When Will Solana Price Reach $300: Prediction and Analysis
- Chainlink Price Targets $20 After Bitwise ETF Gets DTCC Approval
- Ethereum Price Outlook as Whales and Institutions Boost Holdings — Can ETH Reclaim $4K Before Year-End?
- Can Dogecoin Price Hold Above $0.17 Amid Weekly Surge?
- Chainlink Price Could Crash as 3 Risky Patterns Form Amid Whale Selling
- Cardano Price Could Reclaim $0.7 After Key Stakeholders Add $204M in ADA
