The crypto advocacy group is granted the status of "the friend of the court."
A United States crypto advocacy group, the Chamber of Digital Commerce (CDC), has been granted approval from the Court of Southern District of New York to participate as an amicus curiae in the U.S. Securities and Exchange Commission (SEC) case against Ripple Labs. The status of “friend of the court” permits them to assist a court by providing information, expertise or insight.
An order was signed by Judge Analisa Torres on Wednesday. The CDC shall file its brief by Sept. 26.
While explaining its interest in the case, the CDC legal team emphasized the far-reaching consequences of the court decision; namely, whether the law applicable to the securities transaction is properly distinguished from the one applicable to secondary transactions.
The case was opened in 2020 when the SEC alleged that Ripple and its executives Brad Garlinghouse and Christian Larsen sold XRP as unregistered securities worth over $1.38 billion. The outcome of this case could determine whether XRP is a security. If the judge rules in favor of the SEC, it could be the precedent the commission needs to pursue legal action against other crypto projects that sold tokens similar to XRP.
Reacting to the CDC’s application for an amicus curiae status, the SEC has requested the court to grant additional time and pages if more amicus briefs are allowed. Ripple objected to the SEC’s demand, calling it “yet another transparent attempt to further delay resolution of this case.”
In July the SEC attempted to repeal the “amici curiae” status of XRP holders, but Judge Analisa Torres dismissed the request.
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