The Ripple vs SEC dispute began in December 2020 and is continuing to date, with no hopes of a resolution anytime soon. Recently, both the US Securities and Exchange Commission and Ripple defendants filed joint proposals in regard to the XRP lawsuit’s summary judgment.
We finally have a new update! The Chamber of Digital Commerce has filed a petition at the court for permission to submit a brief of the Ripple vs SEC lawsuit. This kind of note is known as ‘amicus curiae’ which is a third-party opinion that has valid points to make in relation to the dispute.
The Chamber of Digital Commerce is a renowned advocate for the digital world and is known for its involvement in crypto-related cases such as SEC vs Telegram which was for Telegram’s native token ‘GRAM’.
No Clarity In Crypto Operation
As per the reports, the institution claims that it will not specify any discussion related to any parties because the organization’s main concern is that there is no proper regulation in regard to virtual currencies and their identity as investment contracts.
The lead at the Chamber claims that the initial offering of cryptocurrencies is still approved by Howey Test while the transactions and their movement on the market continue without a pattern.
Hence, there is no proper information regarding these issues and this is creating scepticism in the market. There is also a requirement for the increased efforts of brokers, dealers and other market participants to make the operation feasible.
The same has also been conveyed by other well-known attorneys like John Deaton and Jeremy Hogan during their filing in the SEC.
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