Ripple, the Silicon Valley cross-border payments service provided and leading blockchain enterprise and crypto solutions company has received huge support from numerous third parties in its two-year-long court battle with the United States Securities and Exchange Commission (SEC) over the XRPL native token, XRP.
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Brian Armstrong's Coinbase exchange is now the latest crypto entity to show support for Ripple Labs Inc., and its top executives Brad Garlinghouse and Christian Larsen who are the defendants in the XRP lawsuit filed against Ripple in December 2020 by the Gary Gensler-led securities watchdog.
Paul Grewal, the Chief Legal Officer at Coinbase took to Twitter on Monday to update that the largest United States-based crypto exchange has filed a request to Judge Analisa Torres, the presiding judge over the Ripple-SEC lawsuit, seeking for approval to submit an amicus curiae brief in support of Ripple's fair notice defense.
Grewal wrote;
Earlier today, Coinbase asked Judge Torres for permission to file an amicus brief in the SEC case over XRP. Our point in pretty simple: this is a textbook case of just how critical fair notice is any reasonable notice of due process under law.
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One of the fundamental due process protections guaranteed by our Constitution is that government agencies cannot condemn conduct as a violation of law without providing fair notice that the conduct is illegal.
By suing sellers of XRP tokens after making public statements signaling that those transactions were lawful, the SEC has lost sight of this bedrock principle.
Ripple Gains More Support
The legal tussle involving the US SEC and Ripple Labs is a case every crypto proponent should show support for Ripple as a win for XRP and Ripple will be quite instrumental for the entire crypto industry. Ripple CEO Brad Garlinghouse previously stated that the company's court battle with the SEC isn't just for the XRP but for the entire cryptocurrency industry.
On the premise, the CEO stated that Ripple doesn't mind spending over $100 million in their pursuit to prove that XRP isn't a security and was not also sold as an unregistered security as alleged by the Gary Gensler-SEC. Therefore, it is interesting to see more third parties like I-Remit, Tapjets, John Deaton , and Coinbase among others demonstrating support for the crypto solutions company via the submission of amicus briefs in favor of Ripple's summary judgment motion.
Amici represent third parties whose particular interests may be affected by the Court’s ruling and whose particular interests are echoed in broader public interests. The primary role of the amicus (friend of the Court) is to assist the Court in reaching the right decision in a case affected by the interest of the general public.
It is worth noting that John Deaton, the founder of CryptoLaw LLC and the attorney representing over 75,000 XRP token holders in the ongoing Ripple-SEC case has also moved on behalf of XRP holders to back Ripple. According to John E. Deaton, the drafted amicus brief is a decentralized brief submitted on behalf of over 75K XRP holders in a bid to help the Court arrive at the right decision.
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In Summary
It bears mentioning that the Ripple-SEC case could be wrapped up in mid-2023 according Ripple CEO Brad Garlinghouse, although he stated that it is hard to predict exactly when the court will give their final ruling. The XRP community and the majority of the crypto industry are hoping that the lawsuit ends in favour of cryptocurrency.