Coinbase is filing an amicus brief in support of Ripple Labs amid the San Francisco payment company’s ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
The top US crypto exchange requested permission to file the brief in late October and on Monday, U.S. District Judge Analisa Torres ruled that Coinbase and all other parties that had requested permission to file briefs could do so as long as they submitted them by November 18th.
Some have been filed in support of Ripple, others will be in favor of the SEC.
Argues Coinbase,
“By suing sellers of XRP tokens after making public statements signaling that those transactions were lawful, the SEC has lost sight of this bedrock principle. For years after Bitcoin, Ether, and XRP were launched, the SEC watched as multi-billion dollar trading markets for these cryptocurrencies developed without stating that it viewed any of these assets as ‘securities’ subject to the onerous restrictions that come with that classification…
In order to ensure the existing due process precedents on which the fair notice defense rests continue to safeguard against improper regulatory enforcement when needed, the Court should deny the SEC’s motion for summary judgment on this issue.”
The SEC sued Ripple in late 2020 under allegations that it issued XRP as an unregistered security.
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