CDC (Chamber of Digital Commerce) is finally given permission to be the Friend of Court (amicus curiae) by a court in the United States in the filed lawsuit against the Ripple labs by the exchange and securities commission, the United States SEC
The Chamber of Digital Commerce’s motion for leave in order to file a friend of the court brief was approved by a United States Judge, Analisa Torres, from the United States Southern District Court in New York on the 21st of September 2022. On the same day, the brief was delivered to the law court.
CDC’s Request To Be An Amicus Curiae And SEC’s Allegations
An individual or body who isn’t a part of a case but wants to ask the judge for authorization to present a brief in an effort to impact the court’s judgment would often file a brief of amicus curiae. On the 14th of September 2022, the Chamber of Digital Course, a crypto advocacy group, requested to be a Friend of the Court (Amicus Curiae (Latin)) the Ripple Labs and the exchange and securities commission, SEC, filed the lawsuit.
A different statement was released by CDC, saying it does not have an opinion on if the brief of XRP of Ripples Labs sales is transactions relating to security. However, it released a related legal exemplar for the previous digital offering asset. It informed the court that any federal regulations or law controlling a blockchain-based digital asset’s constitutional designation.
In December 2020, The SEC sued Ripple, claiming that the company sold XRP, the native token of the XRP Ledger that runs the network of Ripple’s payment, which is worth over $ 1 billion, in an unauthorized securities transaction. Furthermore, SEC listed the CEO Brad Garlinghouse and executive director Chris Larsen as advocates for allegedly helping and encouraging Ripple’s crimes.
Court Approval Of CDC’s Request Lawsuit Resolution
On the 20th of September 2022, Ripple showed its disapproval of the move by the United States Exchange commission to weigh in on the filed lawsuit. Ripple described this motion as a way to set back the resolution of the case; therefore, the court should void the request.
However, Analisa Torres, the judge of New York’s southern district court, has granted CDC’s request to interfere in the SEC-Ripple lawsuit case. The crypto lobby’s request to be an Amicus Curiae was approved on the 21st of September 2022.
But before a solution, there are still a few things to take. The opposing sides will submit a new batch of papers in October and November outlining their respective perspectives. According to Ripple general counsel Stu Alderoty, a decision won’t probably come until 2023.