As U.Today reported yesterday, the Chamber of Digital Commerce, an independent pro-blockchain association, has filed a motion to intervene in the lawsuit between Ripple and the SEC. As an extremely interested third party in the case, the organization is hoping to get an opportunity similar to the one it was granted in the SEC's case against Telegram.
The news of the chamber's possible participation was received most positively, but there were skeptics who still questioned the advisability of the event. A pro-XRP activist and lawyer known on Twitter as @Belisarius2020 offered his opinion on the news.
Thus, the lawyer said that the purpose of the chamber is to give the court the notion that the digital asset and transactions with it are two separate entities. The court's adoption of the clarification that Ripple transactions with XRP and the independent circulation of XRP are not the same would have prevented the precedent in which cryptocurrency trading in the secondary market becomes securities trading, says lawyer.
Flip the script
At the same time, says the expert, the chamber and crypto industry will get a positive result even if the court recognizes that Ripple sales were investment contracts and, therefore, XRP in this particular case is a security, if at least the need for two separate investigations is recognized.
Therefore I don’t look at the Chamber’s brief as good or not good for Ripple or XRP holders. I do think it important and good for the case if the Court excepts the difference between Ripple’s transactions involving XRP and the asset itself and recognises the different inquiries/7
— bill (@Belisarius2020) September 16, 2022
In summary, the lawyer notes that the Chamber of Digital Commerce's involvement in the case is neither good nor bad for Ripple or XRP but makes sense in terms of the continued functioning of the crypto industry.
Yuri Molchan
Tomiwabold Olajide
Dan Burgin
Alex Dovbnya
Vladislav Sopov