The leading blockchain company, Ripple, waxes stronger daily as new companies like Coinbase, Valhi Capital, and Crypto Council requested to file Amicus Briefs in favour of Ripple in the ongoing lawsuits.
The new development was shared by former federal prosecutor cum defence lawyer James K. Filan in the last 24 hours.
One of the top exchanges, Coinbase, filed an amicus brief highlighting that as a US-based exchange, the legal action brought against Ripple by the US SEC forced it and other US exchanges to delist XRP, triggering a $15 billion loss in its market value which Coinbase’s customers felt.
Coinbase, Valhi Capital, And Crypto Council To File Amicus Brief In Favor Of Ripple
Notably, the firms include Valhil Capital, the Crypto Council for Innovation (CCI), and Coinbase. Notably, these 3 join the Chamber of Digital Commerce, I-Remit, TapJets, SpendTheBits, Investor Choice Advocates Network (ICAN), and The Blockchain Association, all of which have shown support for Ripple in its case against the US SEC.
However, with the continuous spike in the number of amicus briefs, some of Ripple’s proponents are starting to wonder if they are not approaching the record for the most number of amicus briefs in a case.
As reported by Cryptolifedigital, attorney Jeremy Hogan noted that the amicus record currently calms at 78 points and that was filed in the 80s for the abortion of the case then.
It is worth noting that the court will take amicus briefs in the SEC v. Ripple case until November 15, when the court expects both parties to submit summary judgment replies, after which both parties will wait for Judge Analisa Torres’s decision.
Jeremy Hogan took time to highlight the reason why there are too many amicus briefs in the ongoing lawsuit, saying that the case is complicated.
It is worth noting that the giant US exchange, Coinbase, promises to support Ripple, taking the advantage of the SEC’s uncleared rules which tagged Ripple’s XRP as a security.
In the same premise, following Coinbase, the Crypto council of Innovation has requested to file an amicus brief saying it will lend its expert and professional opinions to the court as it considers the Ripple case.
The CCI body further noted that to achieve its goals of bringing about broad changes with crypto and blockchain, collaborative policies formed from the collaboration between industry participants and regulators are necessary. Consequently, it takes objection to the SEC’s enforcement approach.
Lastly, Valhil Capital, a private equity firm based in Houston, Texas also requested to file an amicus brief saying that the firm has integrated XRP into its operations, including compensation of executives.
It is worth noting that Ripple, the blockchain company has been in this Lawsuit against SEC for nearly 2 years. The milestone of this victory started showing when the SEC agreed to hand over Hinman’s document to SEC.