Ripple Gets Coinbase as Ally During Crucial Moment in Suit

Ripple-Gets-Coinbase-as-Ally-During-Crucial-Moment-in-Suit
  • Coinbase has filed an amicus brief in support of Ripple.
  • Aside from Coinbase, a host of crypto-supporting companies earlier filed their amicus brief.
  • Ripple CEO Brad Garlinghouse is expectant that the suit will have an outcome before the first half of 2023 ends.

Ripple has gained another major cryptocurrency-based firm as an ally amid a pivotal moment in its legal battle with the US Securities and Exchange Commission (SEC). Specifically, this firm is US-based cryptocurrency exchange giant Coinbase.

The tweet is from Paul Grewal, Coinbase’s Chief Legal Officer. According to Grewal, Coinbase has already filed an amicus (friend of the court) brief for Ripple. The document’s main point is that the SEC was in the wrong when it sued Ripple for allegedly selling XRP, which it deemed a security, when in fact there isn’t any clear regulation or law that states that cryptocurrencies are securities.

Grewal further emphasized:

“One of the fundamental due process protections guaranteed by our Constitution is that government agencies cannot condemn conduct as a violation of law without providing fair notice that the conduct is illegal.”

Now, Coinbase has joined a host of firms and organizations that support Ripple, which includes I-Remit, TapJets, and the Blockchain Association, among others. 

An amicus brief is a legal brief filed by people or organizations that are not part of the lawsuit, at least not directly, but have considerable interest in the outcome. The main objective of this brief is for the third party to hopefully assist the court to come up with a decision.

Ripple received overwhelming support from the crypto community with the amici briefs from early October. Given the trajectory of the lawsuit, Ripple CEO Brad Garlinghouse stated recently that he expects the outcome before the first half of 2023 ends.

Tags:
disclaimer read more

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

Jesus covers news related to the crypto space in Asia and in Australia, although he follows the latest events in the US and Europe as well. He is most interested in the blockchain gaming and regulation aspects of the industry.