Fintech firm Ripple is garnering more support from the crypto and finance industry in its ongoing battle with the United States Securities and Exchange Commission (SEC).
On Nov. 4, Ripple chief executive Brad Garlinghouse proudly tweeted that the number of companies, developers, exchanges, associations, and investors officially supporting the firm has reached 12.
The pile of amicus briefs being filed is mounting up according to Ripple Labs general counsel Stuart Alderoty.
An amicus brief is a legal document filed in appeals cases to aid the court by providing extra relevant information or arguments. These briefs are filed by amicus curiae, a Latin phrase that translates to “friend of the court.”
“It’s unprecedented (I’m told) to have this happen at this stage,” Garlinghouse exclaimed.
For those of you keeping count, 12 (!) amici briefs submitted. It’s unprecedented (I’m told) to have this happen at this stage. They each explain – in their own unique way – the irreparable harm the SEC will do to every facet of the US crypto economy if it gets its way. https://t.co/Na9fWq3GvO
— Brad Garlinghouse (@bgarlinghouse) November 3, 2022
On Nov. 3, the SEC filed a motion to extend the time to file all reply briefs until Nov. 30. It asked Judge Analisa Torres to order that any additional amicus briefs be filed by Nov. 11.
Alderoty mocked the SEC’s response claiming that the agency “needs more time, not to listen or engage, but to blindly bulldoze on.” Garlinghouse had previously hoped for a conclusion in the first half of 2023, but with the evidence mounting, the SEC could drag it out longer.
The most recent amicus brief was filed by Cryptillian Payment Systems on Nov. 3 as confirmed by defense lawyer James K. Filan.
#XRPCommunity#SECGov v. #Ripple#XRP Cryptillian Payment Systems, an online digital wallet service for retail customers and commercial retail businesses using XRP, asks to file an Amicus Brief supporting Ripple’s Opposition to the SEC’s Motion for SJ.https://t.co/brFjNVmUmq
— James K. Filan 124k (beware of imposters) (@FilanLaw) November 3, 2022
Veri DAO also joined the list of Ripple supporters on Nov. 3 with its own amicus brief.
That growing number of supporters that have already filed briefs include Coinbase, the Chamber of Digital Commerce, the Crypto Council for Innovation, the Blockchain Association, Valhil Capital, I-Remit, Spend The Bits, Tapjets, the Investor Choice Advocates Network (ICAN), and John Deaton on behalf of more than 75,000 XRP (XRP) investors.
The U.S. securities regulator took action against Ripple in December 2020, accusing the company and its executives of conducting an unregulated securities sale of its XRP token.
Almost two years later, the battle is still raging on but support for Ripple is growing as its case strengthens. Garlinghouse has previously stated that Ripple would consider a settlement with the SEC, providing that XRP is not classified as a security.