Coinbase joins Ripple in its battle against the SEC, which poses a threat to the entire crypto sector.
Ripple's long legal battle against the United States Securities and Exchange Commission (SEC) continues to dominate the headlines of the specialized press. Almost every week, the case takes a new turn and, to the delight of cryptocurrency lovers, there is always a new one. in favor of XRP developers.
A few weeks ago, the judge in charge of the case forced the SEC to share the so-called "Hinman Documents” with Ripple. The agency had been hiding the content of the documents for months, as statements by the former SEC Chairman favor Ripple's position and could be the key to obtaining a favorable ruling.
Now, Ripple has scored another small victory in this long court battle and that is that Coinbase has filed a request for amicus curiae in support of Ripple, as the company believes that SEC poses a serious threat to the cryptocurrency sector on the whole.
The reports amicus curiae They are presentations made completely voluntarily by third parties not involved in a dispute, with the aim of aim of offering a legal opinion, a binding legal pleading or request regarding a point of law or other related matter, to assist the court in resolving the subject matter of the proceedings.
Ripple has a legion of friends
Since the trial against Ripple began, there have been several complaints More than ten requests for reports amicus curiae. Beyond Coinbase, investment firms such as Valhil Capital or institutions such as the Chamber of Digital Commerce, the Blockchain Association or the Council for Innovation in Cryptography, have voluntarily submitted their writings for Support Ripple's case.
In this sense, the crypto community and large companies in the sector have been working for some time warning of the SEC's stance. For most, the SEC is over-zealous in its regulation of the sector, thereby undermining innovation.
Brad Garlinghouse, CEO of Ripple, has already condemned the predatory attitude of the SEC and pointed out that its regulatory zeal not only It harms the development of the industry, but the needs of the client are not taken into account.
Are new doors opening for XRP?
Following the SEC's accusation against Ripple for selling unlicensed assets, Coinbase was quick to delist XRP.
However, the presentation of the amicus curiae by the exchange has made many experts in the sector think that it could relist the token.
The trial against the SEC is of great importance for the entire crypto sector, as the judge's decision on the sale of XRP could mark a milestone in cryptocurrency regulation.
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