Crypto Council for Innovation and other Ripple supporters have formally submitted their amicus briefs
Several Ripple supporters have submitted amicus curiae briefs to support the business’s conflict with the U.S. Securities and Exchange Commission (SEC).
Ripple Supporters Formally File Their Amicus Briefs
On November 14, U.S. District Court Judge Analisa Torres allowed several motions to submit amicus briefs. The Crypto Council for Innovation argues in its brief that the way the SEC regulates digital assets denies parties fair notice, endangering investment and innovation.
It contends that players in the bitcoin market are subject to “costly confusion” due to the SEC’s approach to regulating digital assets. According to the CCI, a predictable regulatory framework must be in place to oversee digital assets to prevent the outsourcing of bitcoin enterprises. The United States’ position as a leader in innovation would be compromised in such a scenario. Additionally, it claims that this conflicts with President Joe Biden’s long-awaited executive order, which was released in May.
According to Reaper Financial, a court decision in favor of the SEC, which issues non-fungible tokens (NFTs) on the XRP Ledger, would “severely harm” its survival capacity. It has emphasized that its use of XRPL is unrelated to any purported Ripple Labs scheme. In addition, several SEC allies have come forward to criticize the defendants. This year, amicus briefs from the New Sports Economy Institute (“NSEI”) and InvestReady (Accredify) were accepted.
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