Now 11 Entities Back Ripple With An Amicus Brief Vs. The SEC
The amount of supporters for Ripple Labs in its legal battle with the U.S. Securities and Exchange Commission (SEC) keeps growing.
Most recently, the U.S. exchange Coinbase sent an amicus brief to the responsible judge Analisa Torres. The brief reveals that Coinbase sees the case as a precedent for the entire crypto industry, which is why a Ripple victory is of tremendous importance.
With Cryptillian Payment Systems, an online digital wallet service for retail customers and commercial retail businesses that uses XRP has asked to file an amicus brief yesterday. The company hereby supports Ripple’s opposition to the SEC’s summary judgment motion.
The List Of Ripple Labs Supporters Continues To Grow
With Coinbase, I-Remit, the Chamber of Digital Commerce, the Crypto Council for Innovation, Valhil Capital, Blockchain Association, Spend The Bits, Tapjets, ICAN, John Deaton on behalf of over 75,000 XRP investors, and now Cryptillian Payment Systems, 11 entities are now supporting Ripple with an amicus brief filing.
As Cryptillian’s attorneys point out, the company does not have a direct partnership with Ripple:
Cryptillian is a non-affiliated party and has no financial or otherwise relationship with the defendants.
Nevertheless, there is significant interest in the lawsuit, as XRP is one of the supported crypto assets. According to Cryptillian, its interest in the case stems from the fact that one of the six digital assets that it allows its cardholders to store and transfer to its merchants is the token XRP.
Ripple’s XRP is the second most popular asset on the platform among them. In addition, the company has “invested significant financial resources, money and time” to integrate XRP transaction on Ripple’s XRP Ledger “in a manner that is indistinguishable from normal card purchases”.
The crypto platform is challenging the SEC’s claim that all XRP transfers violate the Securities and Exchange Act of 1934. According to Cryptillian’s lawyers, the company has processed tens of thousands of XRP transactions between its cardholders and merchants since September 2021.
Thus, an SEC victory would massively harm the company’s business. Moreover, all users would retroactively violate the Securities and Exchange Act of 1934.
Cryptillian is therefore asking the court to exercise its discretion to allow the filing of the proposed brief, as it “has a unique perspective to share with the Court that will aid the Court in resolving the cross-motions for summary judgment”.
The company also promised to provide the court with data showing the daily use of XRP by Americans unrelated to securities transactions.
Cryptillian is uniquely positioned to offer the Court real world data on the use of Crypto on a daily basis, by average Americans and non-online retail and service establishments, again in a manner that does not involve-or inconsistent with-Securities related activities.
At presstime, XRP was still holding above the 200-day moving average, showing low volatility.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Jake Simmons, @Khareem Sudlow