As shared by attorney Jeremy Hogan, the world’s leading Blockchain trade association Chamber of Digital Commerce, Ripple (XRP) becomes involved in the case.
This association set a precedent by presenting an “amicus curiae” summary in response to the lawsuit filed by the SEC against Telegram in January 2020.
Encrypted messaging app Telegram was sued by the SEC in 2019 because it was planned GRM The token constituted an unregistered security offering.
A similar case is against messaging app Kik, cryptocurrency unit of Hatred It was filed for allegedly illegally raising $100 million in a token sale in 2017.
Chamber of Digital Commerce Gets Involved in Ripple (XRP) Case
Now the Digital Chamber of Commerce, made up of blockchain industry supporters, is seeking intervening status in the Ripple lawsuit.
This came about after a Twitter user asked about the “two involved parties” identified in a joint proposal to manage privacy issues related to upcoming summary judgment motions in the Ripple case.
The user in question said that he thought John E. Deaton was the only party involved in the XRP lawsuit, but noticed that there were two parties involved in the documents.
The Chamber is wading into the Ripple v. SEC case.
Expect something similar to what it filed in the Telegram case and the argument is that although the SALE of XRP might have been as a security, the token is not inherently a security.
Similar to JDeaton, just not as compelling. https://t.co/D7m0kxKdp6
— Jeremy Hogan (@attorneyjeremy1) September 11, 2022
In response, CryptoLaw founder John Deaton referred to the Digital Chamber of Commerce as the second involved. Deaton said:
“As I said in a previous tweet, DigitalChamber, like me, needs to read the summaries submitted by the parties before applying for an amicus summary.”
As the Digital Chamber of Commerce enters the Ripple case, attorney Jeremy Hogan told the XRP community that he expects something similar to what he presented in the Telegram case, with the argument being argued that “although the sale of the Ripple token can qualify as a security, the token itself is not a security in nature.”
*Not investment advice.
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