By Richard Hines
The CEO of Ripple has praised some key people in the crypto industry for joining the fight against the SEC’s unfair laws imposed on the crypto industry. Some major corporations, like Coinbase and The Blockchain Association, have filed amicus briefs in support of Ripple Organization.
A Win For Ripple Is A Win For The Industry
In a tweet, Ripple CEO Brad Garlinghouse expresses gratitude to the crypto community for its support during this legal battle with the SEC. He estimated that around 12 amicus briefs were filed in court in support of Ripple against these rigorous regulatory rules and charges leveled against its XRP tokens.
According to Brad, the purpose of these amicus briefs is to shed light on the irreparable harm that these charges have brought to the crypto community. In a recent article, Coinbase revealed that retail traders lost more than $15 billion as a result of the Securities and Exchange Commission’s delisting of XRP tokens from exchanges.
These amicus briefs are delivered to the court to buttress on the impending doom awaiting the crypto space if the SEC wins.
Ripple’s general counsel, Stuart Alderoty, criticized the SEC for attempting to hurry the legal process, arguing that the plaintiff needed more time to recover—in their own words, “blindly bulldoze on.”
Growing List Of Petitioners
On Thursday, Ripple petitioned to the court to extend the filing period so that all parties directly or indirectly concerned, as well as all crypto businesses, might submit amicus briefs up until November 30th. Any remaining amicus briefs could be submitted for filing on November 11th.
Reportedly, Cryptillian Payment Systems, an online cryptocurrency business, has asked District Judge Analisa Torres to contribute an amicus brief. It joined the list of petitioners, which also included Coinbase and The Blockchain Association.
To the advantage of Ripple, more amicus briefs in their favour were filed.
This litigation has carried on for a long time and is now in its second year. As Brad anticipated, the litigation might run until 2023, as the SEC is hellbent on bringing every charge against Ripple and placing harsh regulatory rules on the crypto industry; Because a win for the SEC would be a driving force behind all regulatory laws in exchanges and crypto industries.