The legal battle between Ripple and SEC has gained somewhat of a cult following. However, the matter is now seen as something more than just thrilling news. Last week, Coinbase filed an Amicus Brief to support Ripple Labs in the struggle against the Securities and Exchange Commission of the USA. The act is not only appreciated but also reciprocated.
To this end, the media reports suggest that Judge Analisa Torres has received around 11 more similar applications from different organizations. The move of Coinbase has proved that the public limited enterprise views the case as making a massive impact on the entire cryptocurrency sector.
SEC has claimed in the past that it plans to set a precedent for crypto organizations and bring more cases like Ripple Labs.
Ripple Cause
John Deaton, who has been leading the voice of 75K XRP investors in the court, has gained the support of several corporations. Among other noteworthy enterprises, Coinbase, Cryptillian Payment Systems, Valhil Capital, I-Remit, Tapjets, ICAN, and more are now lending legal support to Ripple Labs.
Cryptillian is an online payment services provider that has partnered with Ripple recently. The attorney of the enterprise claims that it is a non-affiliated party and does not have any financial or political interest in the defendants of this case. The firm has noted that its main interest, in this case, has stemmed from the fact that 6 custodial currencies support on its cards include XRP.
SEC has charged Ripple Lab executives with violation of the Securities and Exchange Act of 1934. However, the firm has maintained that it does not consider cryptocurrencies like Bitcoin and Ethereum in the same category.
Regardless, the legal counsel of Cryptillian has claimed that a verdict against Ripple Labs can bring damage to its business as XRP is the second most popular currency among its clientele.
Additionally, Cryptillian lawyers have also petitioned the court to practice discretion in the matter of brief filing. The crypto services enterprise has also offered to share data gathered from its users to indicate the usage of cryptocurrencies daily for an average US citizen. The data presentation will showcase the differences between cryptocurrency and digital security.
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