Ripple Lawsuit: Coinbase Gets Go-Ahead to File Support Brief

https://watcher.guru/news/ripple-lawsuit-coinbase-gets-go-ahead-to-file-support-brief

The amici status has been a crucial tangent to the ongoing legal case between Ripple and the U.S. Securities and Exchange Commission. The said status, as such, grants individuals permission to assist in court hearings and also enables them to file “friends of the court” briefs. 

Well-known platforms had consistently been coming forward to support the blockchain company by asking for permission to file amicus briefs. The list includes names like Coinbase, I-Remit, Valhil Capital, SpendTheBits, Chamber of Digital Commerce, TapJet, ICAN, and Cryptillian Payment Systems, among others.

Coinbase and others granted permission

Just a fortnight back, Coinbase asked the court permission to file a friend of the court brief in the ongoing lawsuit. The crypto exchange’s filing noted,“Given the absence of SEC rulemaking for the cryptocurrency industry, the question of whether the SEC has given fair notice before bringing an enforcement action against sales of one of the thousands of unique digital assets will often be highly fact-intensive, which makes it particularly ill-suited for adjudication on summary judgment.”

Coinbase parallelly argued that the SEC had been inconsistent about its enforcement approach, which created “uncertainty” for other companies in the sector.

Now, in what is the latest development, Coinbase’s request to file for support has been granted.

On Monday, Judge Analisa Torres gave a go-ahead to motions pertaining to file amici briefs. The latest order noted,“… the requests to file amicus curiae briefs are GRANTED.”

With respect to the filing date and the entities granted permission, Torres’ order revealed,“By November 18, 2022, the Association, the six XRP holders, Coinbase, the CCI, Valhil, Cryptillian, Veri DAO, Reaper Financial, InvestReady, the NSEI, and Paradigm shall file their briefs.“

Here it is also worth noting that the SEC started getting support from the community only quite recently. InvestReady and the NSEI, notably, submitted their motions around 10-11 November.

The former company, as such, wants to ensure that the voices of those trying to follow the rules set forth are heard and not drowned out. The primary goal of the latter company, on the other hand, is to foster an environment where financial innovation is respected and serves the public interest.