Hey Peeps!
I am sure everyone is already aware of the SEC (U.S. Securities and Exchanges Commission) and their lawsuit against Ripple Labs, who are the creators of the XRP token and the Ripple protocol.
However, if you are not aware, I will sum it up very quickly.
Back on December 12th of 2020, the SEC alleged that Ripple violated Sections 5(a) and 5(c) of the Securities Act of 1933, by engaging in the unlawful offer and sale of securities in exchange for cash and other consideration worth over $1.38 billion.
I bring this up because just recently, Coinbase is jumping into the fray as they intend to file an amicus curiae brief in the SEC's lawsuit.
Amicus curiae briefs, or more commonly called "amicus briefs", are filed by people who typically take the position of one side in a case, in the process supporting a cause that has some bearing on the issues in the case.
An amicus brief essentially shows the court that its final decision will impact people other than the parties involved in the case.
"One of the fundamental due process protections guaranteed by the Constitution is that government agencies cannot condemn conduct as a violation of law without providing fair notice that the conduct is illegal." - Coinbase (within their Amicus curiae brief)
"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." - Coinbase (within their Amicus curiae brief)
I love to see Crypto Exchanges and Companies coming together to support one another.
They should realize that lawsuits against any one of them, represent threats against all of Crypto.
It is also pretty ridiculous that the SEC even brought this case against Ripple Labs, especially after saying previously that the same transactions were lawful.
Day by day, I am becoming more hopeful that Ripple Labs will win their legal case against the SEC.
It will be a day of celebration within the Crypto community!
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See ya!
:)