Ripple’s (XRP) Supporters Sue in Court: Pressure Increases on SEC!

Washington DC-based cryptocurrency lobbying organization Blockchain Associationto the Securities and Exchange Commission late Friday. (SEC) pending litigation Ripple (XRP) He applied to the court for permission to support it.

Crypto Lobby Group Blockchain Association Seeks Court Permission to Support Ripple (XRP) Against SEC Litigation

At the end of 2020, the SEC sued Ripple for allegedly selling XRP as an unregistered security. The case has since gone through a series of proceedings, and the parties have recently submitted their petitions for summary judgment.

Blockchain Association has asked the court overseeing the case for permission to participate in the case.

“The SEC’s extremely broad interpretation of securities laws will have devastating effects on the industry (even outside the industry),” the permit request said.

A legal statement supporting the permission request said it points to different uses of crypto tokens in the industry rather than Ripple itself.

The summary itself says that the court should look into the specific purpose of a token. He argues that the SEC is “illegally” looking at secondary sales as evidence that the company is violating federal securities laws.

The filing is a Supreme Court ruling that many tokens are used in secondary market transactions and is often used as a precedent when trying to interpret whether an asset is a security. Howey Test It was said to be looked after.

another group, SpendTheBits Inc. With the court’s permission, he applied to become involved in the case on Friday.

These organizations argued that the SEC used the definition of an “indefinite investment contract” to file lawsuits. He pointed to ongoing legislative efforts to define where the SEC’s jurisdiction over crypto begins and ends.

The filing alleged that until a compromise was reached, the SEC did not have the authority to fill what it perceived as a vacuum.

*Not investment advice.