SEC vs. Ripple: Fintech Firm Seeks to File Amicus Brief in Support of Regulator in XRP Lawsuit
The CEO of financial technology company InvestReady is seeking court approval to file a legal document that will support the United States Securities and Exchange Commission (SEC) in its legal action against payments company Ripple Labs.
In a post on Linkedin, Adrian Alvarez said the recent fiasco involving crypto exchange FTX prompted him to consider submitting an amicus brief.
“I am frankly pissed that these fraudulent actors have continued to smear the name of this incredible technology…the FTX debacle was the last straw.”
He says the document will argue for regulation of the crypto industry and support the SEC’s claim that Ripple sold XRP as unregistered securities.
“I prepared an amicus brief for the SEC v Ripple case to argue for regulation and clarity for this industry. The brief includes an analysis of why I think it’s obvious that XRP was a security when it was first sold, just like ETH for that matter, as well as how ETH is now clearly a commodity and XRP is close but not decentralized enough. .”
U.S. District Judge Analisa Torres has already approved the submission of several amicus briefs for the case, including those from investment advisory firm Bulldog Investors, the Investor Choice Advocates Network (ICAN) and the company I-Remit remittance providers, all of which support Ripple.
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Feature image: Shutterstock/Tithi Luadthong