US-based crypto exchange Coinbase is the new organization behind Ripple Labs in its legal battle with the Securities and Exchange Commission (SEC), which could end in the first half of 2023.
Paul Grewal, the chief legal officer of Coinbase in a series of tweets on October 31 said that the exchange asked the presiding judge for permission to file an amicus brief, saying that the case is a “book book” the definition of “how much proper reading.”
Earlier today, @coinbase asked Judge Torres for permission to file an amicus brief in the SEC case regarding XRP. Our point is simple: this is a textbook case of how important fair notice is to fair notice of due process under the law. 1/3 pic.twitter.com/qhSSGrNgJK
— paulgrewal.eth (@iampaulgrewal) October 31, 2022
An amicus brief, also known as a “friend of the court,” is a legal document that contains advice or comments related to a court case from an organization or individual not involved in the case.
Grewal added that the most important protection under the US Constitution is that authorities cannot “condemn an act as illegal without giving proper notice that the act is illegal.”
“By suing the sellers of XRP tokens after making public statements indicating that those transactions were legitimate, the SEC has lost sight of this platform,” he added.
If approved, Coinbase will join the ranks of the non-profit organization Investor Choice Advocates Network and the crypto mobile application SpendTheBits at release permission to file amicus briefs in October.
about: ‘Good fight’ — Ripple advisor says they have Hinman’s documents in their hands
The release comes on the same day that cryptocurrency attorney John Deaton filed a lawsuit motion seeking permission to file an amicus brief on XRP’s “divided community.”
Days after the crypto advocacy group, the Blockchain Association reiterated its support for Ripple on October 28 by announcing that it had filed its amicus brief, noting that the views of the chairman SEC’s Gary Gensler on securities laws that could have a “negative impact” on the site. .
Ripple Labs has been caught up in a nearly two-year legal battle with the SEC considering the sale of its Ripple tokens (XRP) as unregistered securities.
Ripple’s CEO Brad Garlinghouse on an October 11 panel at DC Fintech Week said he thinks the case could be wrapped in half of 2023 but admitted it’s hard to predict deadline.