The US District Court judge gave permission for both Ripple and SEC supporters to submit their summaries.
The lawsuit has been pending for a long time after the US Securities and Exchange Commission (SEC) sued Ripple for allegedly selling unregistered securities of XRP. There are new developments in this struggle, which has been going on for about 2 years. In the past days, supporters have joined the case for both sides. This time, there was an approval from the court to submit the summaries of the supporters.
Summary Approval to Ripple and SEC Supporters
US District Court Judge Analisa Torres has approved submission of abstracts from supporters of both Ripple and the US Securities and Exchange Commission (SEC).
One of the first to offer a summary was cryptocurrency exchange Coinbase. Presenting its official brief to support Ripple, the exchange argues that the SEC has failed to provide adequate guidance for the cryptocurrency market.
“Although Bitcoin was launched in 2009, eight years later in 2017, the SEC did not offer any indication of how it thought the securities laws could be applied to cryptoassets,” says Coinbase’s summary. In addition, Coinbase states that the app action surprised and hurt crypto market participants, triggering a $15 billion drop in the market cap of XRP.
Other supporters of Ripple include many companies such as Reaper Financial, Cryptillian, and Paradigm. InvestReady (Acredify) and the New Sports Economics Institute (NSEI), which have emerged to support the SEC, will also be able to officially submit their summaries.
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