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April 16, 2024 Coin Telegraph

You have our swords: 12 independent entities pledge legal support for Ripple

November 4, 2022 Coin Telegraph

The evidence is mounting as “friends of the court” line up in support of Ripple Labs.

Fintech firm Ripple is garnering more support from the crypto and finance industry in its ongoing battle with the United States Securities and Exchange Commission (SEC).

On Nov. 4, Ripple chief executive Brad Garlinghouse proudly tweeted that the number of companies, developers, exchanges, associations, and investors officially supporting the firm has reached 12.

The pile of amicus briefs being filed is mounting up according to Ripple Labs general counsel Stuart Alderoty.

An amicus brief is a legal document filed in appeals cases to aid the court by providing extra relevant information or arguments. These briefs are filed by amicus curiae, a Latin phrase that translates to “friend of the court.”

“It’s unprecedented (I’m told) to have this happen at this stage,” Garlinghouse exclaimed.

For those of you keeping count, 12 (!) amici briefs submitted. It’s unprecedented (I’m told) to have this happen at this stage. They each explain - in their own unique way - the irreparable harm the SEC will do to every facet of the US crypto economy if it gets its way. https://t.co/Na9fWq3GvO
— Brad Garlinghouse (@bgarlinghouse) November 3, 2022

On Nov. 3, the SEC filed a motion to extend the time to file all reply briefs until Nov. 30. It asked Judge Analisa Torres to order that any additional amicus briefs be filed by Nov. 11.

Alderoty mocked the SEC’s response claiming that the agency “needs more time, not to listen or engage, but to blindly bulldoze on.” Garlinghouse had previously hoped for a conclusion in the first half of 2023, but with the evidence mounting, the SEC could drag it out longer.

The most recent amicus brief was filed by Cryptillian Payment Systems on Nov. 3 as confirmed by defense lawyer James K. Filan.

#XRPCommunity #SECGov v. #Ripple #XRP Cryptillian Payment Systems, an online digital wallet service for retail customers and commercial retail businesses using XRP, asks to file an Amicus Brief supporting Ripple's Opposition to the SEC's Motion for SJ.https://t.co/brFjNVmUmq
— James K. Filan 124k (beware of imposters) (@FilanLaw) November 3, 2022

Veri DAO also joined the list of Ripple supporters on Nov. 3 with its own amicus brief.

That growing number of supporters that have already filed briefs include Coinbase, the Chamber of Digital Commerce, the Crypto Council for Innovation, the Blockchain Association, Valhil Capital, I-Remit, Spend The Bits, Tapjets, the Investor Choice Advocates Network (ICAN), and John Deaton on behalf of more than 75,000 XRP (XRP) investors.

The U.S. securities regulator took action against Ripple in December 2020, accusing the company and its executives of conducting an unregulated securities sale of its XRP token.

Almost two years later, the battle is still raging on but support for Ripple is growing as its case strengthens. Garlinghouse has previously stated that Ripple would consider a settlement with the SEC, providing that XRP is not classified as a security.

‘Well worth the fight’ — Ripple counsel confirms Hinman docs are in their hands

October 21, 2022 Coin Telegraph

Bill Hinman

The truth will be shameful and shocking for the SEC according to Ripple boss Brad Garlinghouse.

San Francisco-based fintech firm Ripple has inched closer to victory in its ongoing battle with the U.S. Securities and Exchange Commission (SEC).

On Oct. 21, Ripple General Counsel Stuart Alderoty confirmed on Twitter that they finally have the elusive documents after "18 months and 6 court orders," though noted they remain confidential at the SEC’s insistence.

“It was well worth the fight to get them,” he exclaimed, adding:

“I’ve always felt good about our legal arguments, and I feel even better now. I always felt bad about the SEC’s tactics, and I feel even worse about them now.”

The fought-over documents relate to a 2018 speech by former SEC Division Director William Hinman regarding the status of Ethereum, with the financial regulator seemingly pulling out all the stops to keep the documents under wraps.

In late September, U.S. District Court Judge Analisa Torres overruled the SEC’s second attempt to withhold the documents.

At the time he stated that ETH was not a security and Ripple considers this a key argument in its case against the regulator which has accused it of conducting an unregistered securities sale of its native token XRP.

Over 18 months and 6 court orders later, we finally have the Hinman docs (internal SEC emails and drafts of his infamous 2018 speech). While they remain confidential for now (at the SEC’s insistence), I can say that it was well worth the fight to get them.
— Stuart Alderoty (@s_alderoty) October 20, 2022

Partner at Hogan & Hogan Jeremy Hogan commented that these are the briefs “where we'll really see how strong each position is,” while posturing how the SEC will respond. He added that the briefs will be made public on Oct. 24.

Ripple CEO Brad Garlinghouse vented on Twitter claiming that the SEC's behavior was shameful and shocking.

“The SEC wants you to think that it cares about disclosure, transparency and clarity. Don’t believe them. When the truth eventually comes out, the shamefulness of their behavior here will shock you.”

XRP prices don’t appear to have reacted to the latest development. Over the past 24 hours, the token has lost 3.2% in a fall to $0.446 at the time of writing according to CoinGecko.

However, Ripple momentum has been strong over the past month or so as the case inches towards closure, but XRP is still down 87% from its January 2018 all-time high of $3.40.

sec regulation