The Blockchain Association, a Washington DC-based crypto organization, wants to assist Ripple (XRP) in its ongoing lawsuit against the U.S. Securities and Exchange Commission (SEC).
Blockchain Association Friday, October 28 day Ripple and SEC He applied for permission to stand on Ripple’s side and provide support during the court process. SEC allegedly selling XRP as an unregistered security in 2020 He sued Ripple. The lawsuit, which has been going on for about 2 years, has led to many precedent decisions and has come to an end these days. The case, which is full of striking allegations, has recently to the Hinman documentation It was announced that this would have a serious impact on the court process.
During the litigation process, important lawyers and experts were included in the Ripple front. Finally Blockchain AssociationIt was noteworthy that ‘s request from the court that oversees the case for permission to participate in the case, as well as a comprehensive summary of the case. The case in question Crucial for the future of the crypto industry Claiming that it may be possible, the organization stated that it will stand by Ripple until the end of this process.
The following statements in the Blockchain Association’s statement drew attention:
This case, just one of the SEC’s long efforts to regulate by enforcement, highlights the SEC’s efforts to strengthen and justify its overly broad interpretation of the Howey test. The SEC is acting beyond its jurisdiction. Applying securities laws to these cryptocurrencies, whether through the scheme of the Howey test or not, will significantly constrain the operation of these networks.