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XRP and Ripple Receive Six Times More Briefs in Support Than SEC

Tue, 11/15/2022 - 09:39
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Gamza Khanzadaev
Judge in Ripple case lets in 13 amicus briefs for XRP and 6 times fewer for SEC
XRP and Ripple Receive Six Times More Briefs in Support Than SEC
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It became known today that Judge Torres, who is in charge of the SEC's case against Ripple, allowed all amicus briefs filed in support of one side or the other to be admitted. The interesting fact, however, was that six times as many briefs were filed in support of Ripple — or more specifically XRP — as were those filed in support of the regulator.

As reported by U.Today, those dissenting from the SEC's position and expressing support for XRP were Coinbase, Ripple partners, as well as various pro-crypto nonprofit organizations and associations. The court also allowed a document from XRP holders whose interests are represented by lawyer John Deaton, who was able to bring together 75,000 investors. In total, there are 13 such briefs in support of the crypto side.

Ripple v. SEC: Judge Grants Motions to File Amici Briefs

At the same time, there were only two parties supporting the SEC and its rhetoric. The first was investor accreditation platform InvestReady, and the other was The New Sports Economy Institute. According to these institutions, cryptocurrencies are not investment instruments but rather speculative and should be strictly regulated.

CryptoLaw v. FTX

No sooner had John Deaton dealt with the SEC's issue against Ripple by organizing a class action lawsuit on behalf of XRP holders than a new case was launched. Thus, a week after FTX collapsed, over 4,000 petitions were filed with the U.S. Congress via CryptoLaw, demanding an investigation into FTX CEO Sam Bankman-Fried and SEC head Gary Gensler.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.