{"id":69309,"date":"2022-10-31T11:55:52","date_gmt":"2022-10-31T09:55:52","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69309"},"modified":"2025-09-07T19:13:11","modified_gmt":"2025-09-07T16:13:11","slug":"blockchain-association-backs-ripple-in-lawsuit-against-the-sec","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/blockchain-association-backs-ripple-in-lawsuit-against-the-sec\/","title":{"rendered":"Blockchain Association backs Ripple in lawsuit against the SEC"},"content":{"rendered":"<p>The nonprofit Blockchain Association has backed <a href=\"https:\/\/forklog.com\/en\/news\/what-are-ripple-and-the-cryptocurrency-xrp\">Ripple<\/a> in its lawsuit against the U.S. Securities and Exchange Commission (SEC).<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">1\/ Today we announced we filed an amicus brief supporting a correct interpretation of Howey in the SEC\u2019s two-year legal battle against <a href=\"https:\/\/twitter.com\/Ripple?ref_src=twsrc%5Etfw\">@Ripple<\/a>. <\/p>\n<p>A judge now has the opportunity to issue a substantive opinion on how Howey applies to digital assets. <\/p>\n<p>Here\u2019s what\u2019s at stake\ud83e\uddf5\ud83e\uddf5\ud83e\uddf5<\/p>\n<p>\u2014 Blockchain Association (@BlockchainAssn) <a href=\"https:\/\/twitter.com\/BlockchainAssn\/status\/1586099743209713664?ref_src=twsrc%5Etfw\">October 28, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The lobbying group filed a brief with the court as an <span data-descr=\"a person or entity that assists the court by presenting information relevant to the case, not being a party or participant\" class=\"old_tooltip\">amicus curiae<\/span> \u2014 &#8216;friend of the court&#8217;.<\/p>\n<p>In December 2020 the SEC <a href=\"https:\/\/forklog.com\/en\/news\/sec-files-suit-against-ripple\">brought charges<\/a> against the fintech company, its co-founder Chris Larsen and CEO Brad Garlinghouse for selling unregistered securities in the form of the XRP token.<\/p>\n<p>According to the Blockchain Association, the court is nearing a decision in the case. The group fears that it will be decided in the regulator\u2019s favour. In such a scenario, the list of crypto assets that fall under the definition of securities would broaden, &#8216;contrary to the intent of the Supreme Court in the Howey case,&#8217; experts say.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;An expansive, inconsistent reading of the SEC&#8217;s securities laws is currently the greatest threat to the future of this fast-growing industry. By applying outdated standards haphazardly to modern and innovative technologies, the Commission continues its &#8216;regulation through enforcement&#8217; model, punishing crypto companies without good cause or warning,&#8221; said Christine Smith, CEO of the Blockchain Association.<\/p>\n<\/blockquote>\n<p>In her view, a Ripple-favouring court decision would &#8216;open the door to modernised standards for the industry&#8217;.<\/p>\n<p>Earlier, in the role of amicus curiae, Blockchain Association also <a href=\"https:\/\/forklog.com\/en\/news\/blockchain-association-backs-grayscale-in-suit-against-the-sec\">backed Grayscale Investments<\/a> in <a href=\"https:\/\/forklog.news\/grayscale-podala-v-sud-na-sec-iz-za-otkaza-konvertirovat-gbtc-v-etf\/\">the case against the SEC<\/a>.<\/p>\n<p>Earlier, LBRY CEO Jeremy Kaufman <a href=\"https:\/\/forklog.com\/en\/news\/lbry-ceo-says-the-sec-aims-to-undermine-the-industry\">said regulators intended<\/a> &#8216;to harm or destroy the cryptocurrency industry in the United States&#8217;.<\/p>\n<p>Prior to this, the Commission <a href=\"https:\/\/forklog.com\/en\/news\/mark-cuban-condemns-the-secs-approaches-to-regulating-cryptocurrencies\">came under criticism<\/a> from billionaire Mark Cuban, and Ripple CEO Brad Garlinghouse <a href=\"https:\/\/forklog.com\/en\/news\/brad-garlinghouse-accuses-the-sec-of-inconsistent-regulation-of-cryptocurrencies\">rebuked the agency<\/a> for using a coercive approach rather than working on clear rules.<\/p>\n<p>Read ForkLog\u2019s Bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The nonprofit Blockchain Association has backed Ripple in its lawsuit against the U.S. Securities and Exchange Commission (SEC).<\/p>\n","protected":false},"author":1,"featured_media":69310,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1174,1162,112,128],"class_list":["post-69309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-blockchain-association","tag-court-cases","tag-ripple","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=69309"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69309\/revisions"}],"predecessor-version":[{"id":69311,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69309\/revisions\/69311"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/69310"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=69309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=69309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=69309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}