Blockchain Association which comprises a lobby group for DeFi advocacy, has partnered with several cryptocurrency enterprises.
The Blockchain Association is now working on gathering legal and financial support for Ripple Labs’ struggle against the SEC lawsuit. The federal agency had filed a lawsuit against Ripple executives in the matter of unregistered securities.
Following the example of Coinbase, many cryptocurrency organizations made a beeline to sign up for the amicus brief to take part in the lawsuit.
The Blockchain association struck at the same time as the FTX controversy and allegations about SEC Chief’s involvement with the crypto exchange in finding legal loopholes and committing fraud.
Crypto Counsel for Innovation
Under the current political and economic background, the DeFi market has become concerned about possible state intervention. Therefore, noteworthy crypto bigwigs have joined forces to form the Crypto Council for Innovation or CCI and joined in the Ripple Labs lawsuit via an amicus brief.
The main objective of the Amicus brief is to impact the decision of the court by providing legal aid and class interest. At the time of the SEC case strike against Ripple, most major cryptocurrency exchanges delisted the native token XRP.
However, the company has continued to expand its operations with its latest collaboration with MFS Africa, marking its sixth continent for ODL (On Demand Liquidity) services.
Former Congressional Candidate also Supports Ripple
David Gokhshtein is the founder of former Gokhshtein media who has recently tweeted on the matter of Ripple Labs. He claimed that under the current pretext, tokens like XRP and Algorand make more sense considering the big picture.
He also claimed that the emphasis is not on price appreciation but rather on the events that are taking place. Thus far, the court has received around 14 amicus briefs on behalf of Ripple Labs that have been approved.
Gokhshtein has projected that when Ripple declares a victory, it can make a positive impact on the greater cryptocurrency community.