XRP has been surging lately, especially as investors reacted to news that a federal judge allowed more than 10 separate parties to submit amici briefs in the high-profile lawsuit involving the US Securities and Exchange Commission. United.
The digital token, which is the native asset of the Ripple platform, reached as high as $0.3973 earlier today, according to data from CoinDesk.
At this point, the cryptocurrency was up 16% over roughly 24 hours, additional figures from CoinDesk reveal.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
The digital currency has recently seen some upside as global investors dealt with the latest developments in the case brought by the SEC against Ripple Labs, Inc. and two of its top executives, a saga that has been going on for nearly two years.
Federal judge approves Amici’s memoir
At around 5:45 p.m. EST yesterday, James Filan, a former federal prosecutor who represents Ripple Labs, tweeted a court document revealing that U.S. District Judge Analisa Torres had granted several parties, including industry group Blockchain Association and leading cryptocurrency exchange operator Coinbase, Inc., the ability to file amici briefs, also known as memoirs of “friends of the court”.
Torres gave those parties, which included both organizations and individuals, until November 18 to submit their written arguments.
Later that night, Filan tweeted another court document indicating that Coinbase had filed its amicus brief with the court.
The exchange operator, who requested permission to file this documentation late last month, asked at the time whether the SEC had provided the defendants in the case with “fair notice” or adequate warning, before to take legal action against them, according to CoinDesk.
The brief Coinbase submitted yesterday addressed this particular issue, along with other considerations.
“The existing precedents provide substantial support for Ripple’s reliance on the fair notice defense,” the document states.
“One of the fundamental principles of due process ‘in our legal system is that laws that regulate persons or entities must give fair notice of prohibited or required conduct,'” he noted.
The brief further questioned the rationale for the SEC’s assertion that Ripple’s issuance of XRP tokens amounted to a sale of unregistered securities.
“As Ripple has argued, the mere fact that so many market participants believed that XRP sales were permitted raises substantial and contested questions of fact as to whether a person of ordinary intelligence would have understood the guidelines of the SEC to authorize sales of XRP that it is now. seek to punish. »
Call for regulatory clarity
Furthermore, the Coinbase filing implored the government agency to provide the crypto space with more transparent regulations, stating that the current government watchdog approach is not sufficient.
The paper talked about the implications of this, saying that “the United States currently lacks a functioning digital asset securities market due to the lack of a clear and workable regulatory regime.”
“Coinbase and many other U.S. trading platforms have made good faith attempts to avoid listing digital assets that the SEC may consider securities to ensure they operate in full compliance with applicable laws,” indicates memory.
“But new rules facilitating the use of digital asset securities would enable more effective and efficient capital allocation in US financial markets and create new opportunities for US entrepreneurs and investors.”
Disclosure: I own bitcoin, bitcoin cash, litecoin, ether, EOS, and sol.
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