Coinbase has submitted paperwork requesting authorization to aid Ripple Labs in the latter’s ongoing legal battle with the SEC.
The legal battle between Ripple Labs and the Securities and Exchange Commission (SEC) could be resolved as early as the first half of 2023, and Coinbase, a cryptocurrency exchange based in the United States, is the latest organization to support Ripple Labs in this fight.
In a series of tweets posted on October 31st, Coinbase’s chief legal officer Paul Grewal stated that the exchange had requested permission to file an amicus brief, describing the pending case as a “textbook” example of “just how critical fair notice is.”
Earlier today, @coinbase asked Judge Torres for permission to file an amicus brief in the SEC case over XRP. Our point in pretty simple: this is a textbook case of just how critical fair notice is any reasonable notice of due process under law. 1/3 pic.twitter.com/qhSSGrNgJK
— paulgrewal.eth (@iampaulgrewal) October 31, 2022
A “friend of the court” or “amicus brief” is a legal document that provides information or advice to a court from a third party that is not a party to the case at hand.
For his part, Grewal cited a key provision of the United States Constitution: the government cannot “condemn conduct as a violation of law without providing fair notice that the conduct is illegal.”
He continued, “The SEC has lost sight of this fundamental principle by suing sellers of XRP tokens after making public statements signaling that those transactions were lawful.”
Coinbase, if granted permission to file an amicus brief, would join the ranks of the non-profit Investor Choice Advocates Network and the cryptocurrency mobile app SpendTheBits, both of which received such clearance in October.
Related: ‘Well worth the fight’ — Ripple counsel confirms Hinman docs are in their hands
In addition to the briefs submitted by the Crypto Council for Innovation and Valhil Capital, cryptocurrency attorney John Deaton has also filed a motion seeking permission to submit an amicus brief on behalf of the XRP “decentralized community.”
This comes after the Blockchain Association, another crypto advocacy group, announced its support for Ripple on October 28 by announcing it had filed its own amicus brief, arguing that SEC chairman Gary Gensler’s views on securities laws could have “devastating effects” on the space.
Ripple Labs’ XRP token sales have been the subject of an almost two-year-long legal battle with the SEC over whether or not they constitute unregistered sales of securities.
Speaking on a panel at DC Fintech Week on October 11, Ripple CEO Brad Garlinghouse estimated that the case could be resolved by the second half of 2023 but acknowledged that an exact resolution date was difficult to predict.
Disclaimer: This opinion is not meant to be taken as financial guidance and is presented merely for educational purposes. Crypted Crypto cannot guarantee that it accurately represents the views of the publication. You should always do your own research before making any financial decisions, as every investment and every trade carries some degree of risk. If you cannot afford to lose the money you invest, then you should not invest it.
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