How Many Firms Are Supporting Ripple Against the SEC ?

Ripple encountered many legal troubles after the U.S. Securities and Exchange Commission decided to label their XRP token as an “unregistered security.” Accusing Ripple of selling these assets, the SEC went on to slap the firm with a hefty lawsuit. This case has been taking several turns over the last two years.

Despite multiple efforts from Ripple, the SEC was adamant about its accusations. In the beginning, an array of platforms were hesitant about having any association with the firm or the XRP coin. Several companies went on to drop support for the asset, particularly a number of exchanges that delisted the token. This notion certainly changed with time, as many accused the SEC of being unreasonable. Therefore, prominent platforms have come forward exerting support for cryptocurrency through the use of Amicus Briefs.

Jeremy Hogan speaks about the Amicus Briefs on Twitter

As per Attorney Jeremy Hogan, Amicus Briefs are highly pertinent in the XRP lawsuit. Noting how this could make the parties a “Friend of the Court” he said, “AB have been filed only in appellate and ‘top’ level courts where difficult issues are being resolved.”

Further explaining the importance of the same, he tweeted:

Here are all the companies that filed for Amicus Briefs in the Ripple v. SEC case

  • Coinbase – Most recently, prominent cryptocurrency exchange Coinbase revealed that it was seeking permission to file an Amicus Brief to be a part of Ripple’s battle against the SEC. If the firm manages to garner a green signal, it would be part of the case and hopes to show the SEC how it has “…lost sight of its bedrock principle.”
  • Cryptillian Payment Systems – This online cryptocurrency platform for retail, commercial, and business investors followed in the footsteps of Coinbase and sought the filing of an Amicus Brief. The platform has reportedly listed XRP and intends to support Ripple in this lawsuit. The firm even claimed that XRP is the second-most popular option among its users.
  • SpendTheBits – Towards the end of August, U.S. District Court Judge Analisa Torres went on to give SpendTheBits a green light to file for an Amicus Brief.
  • Blockchain Association – This advocacy group took to Twitter and affirmed that it was now a part of this two-year-long battle between Ripple and the SEC.
  • Chamber of Digital Commerce – The world’s largest blockchain advocacy and trade group revealed that it wanted to jump in on the case in September.
  • The Crypto Council for Innovation – Just two days ago, the Crypto Council for Innovation decided to file for Amicus Brief in opposition to the SEC’s Motion for Summary Judgment.
  • Valhil Capital – Similar to the Crypto Council for Innovation, Valhil Capital requested to file for Amicus Brief in support of Ripple’s Motion for Summary Judgment.
  • I-Remit – This platform has been collaborating with Ripple for quite some time. Both of these platforms have been heavy in cross-border payments. Just last month, the firm went on to obtain the approval of Judge Torres.
  • TapJet – Private jet charter firm, TapJet had the intention of exhibiting XRP’s utility and joined the case. The firm filed for an Amicus Brief and managed to get an approval.
  • ICAN – Phillip Goldstein and ICAN [Investor Choice Advocates Network] recently announced that they wanted to file an Amicus Brief to the court in support of Ripple.

It is quite clear that an array of other platforms may soon join this list, showing their support for a positive outcome in this case.