Coinbase, the US-based crypto exchange, joined Ripple Labs’ legal battle against the Securities and Exchange Commission (SEC) as the latest organization to support them. The case may conclude by the end of 2023.
Asking The Presiding Judges to file an Amicus Brief
Coinbase’s chief legal officer, Paul Grewal, tweeted on Oct. 31 that the exchange had sought permission from the presiding judge to file an amicus brief, describing the case as a textbook example of the importance of fair notice.
“Earlier today, Coinbase asked Judge Torres for permission to file an amicus brief in the SEC case over XRP (Ripple). 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,” said Grewal on Twitter.
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. 1/3 pic.twitter.com/qhSSGrNgJK
— paulgrewal.eth (@iampaulgrewal) October 31, 2022
Known as a “friend of the court,” amicus briefs contain information or advice relating to a court case from organizations or individuals who are not directly involved.
According to Grewal, authorities are prohibited from condemning conduct for being illegal without first providing fair notice that it is unlawful.
“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,” he said.
Another Company Supports Ripple
The non-profit organization Investor Choice Advocates Network and cryptocurrency mobile app SpendTheBits have been granted permission to file amicus briefs in October, and Coinbase will join them if approved.
Additionally, cryptocurrency lawyer John Deaton filed a motion asking for permission to submit an amicus brief on behalf of the decentralized XRP community.
The Blockchain Association also announced its support for Ripple days later, on October 28, by filing an amicus brief, stating that the views of SEC chairman Gary Gensler on securities laws could have a “devastating effect” on the cryptocurrency industry.