The Washington DC virtual asset (cryptocurrency) lobby group Blockchain Association has requested permission to submit an ‘Amicus Brief’ to the court in support of Ripple Labs (XRP), which is in litigation with the Securities and Exchange Commission (SEC). appears.
According to CoinDesk on the 29th (local time), the association said in an advance request for an Amicus briefing, “The SEC’s extremely broad interpretation of the securities law will hurt the virtual asset industry.”
It also “includes examples that explain how tokens are actually used outside the scope of what are considered warrants,” he said, adding that “the courts should consider the special purpose of the tokens.”
Amicus briefing is an action where a third party, not a party to the case, can provide context and interpretation of the case by submitting a voluntary opinion that can help the court’s decision. If the court allows it, it could affect the verdict of the case.
Reporter Hanna Yang Bloomingbit sheep@bloomingbit.io
