Chamber of Digital Commerce petitioned the court for permission to file a brief regarding Ripple lawsuit
The Chamber of Digital Commerce has asked the court for permission to submit a brief about the legal dispute between the SEC and Ripple, it was discovered yesterday. A legal document like this, known as an amicus curiae, expresses the views of a third person who is not a direct party to the litigation but who has a great stake in how it turns out.
Ripple v. SEC: Powerful Third Party Enters Case to Explain to SEC What It’s Wrong About
The Chamber of Digital Commerce is a well-known supporter of and lobbyist for the emerging digital economy. It has taken part in significant cryptocurrency cases including SEC v. Telegram, a dispute over the GRAM token used by the messaging app.
The organization specifically states that it does not plan to discuss the arguments of any of the parties or to advocate for any of them in the press release that goes along with the filing of the move. The chamber’s main worry is the absence of exact legislation regarding the issuance of digital currencies and their presentation as investment contracts.
The Howey Test continues to influence cryptocurrency initial offerings, but the individual in charge of the chamber claims that cryptocurrency trading and secondary market circulation are unprecedented. She comes to the conclusion that the absence of regulatory clarity on these topics greatly increases confusion and reduces the efforts of brokers, dealers, exchanges, and all other market players to nil in order to function within the legal framework.
Similar justifications were used by other pro-crypto activists, including well-known XRP supporters John Deaton and Jeremy Hogan, in their petitions to the SEC.
Read more:
- The Filing Of Opening Motions In The Ripple Summary Judgement Might Continue To Impact The Crypto Space For Years To Come
- Ripple Lawsuit Is Moving Toward Another Key Phase — Summary Judgment
- When Will XRP Price Show A Significant Price Increase?