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Ripple v. SEC: Coinbase Requests to File Amicus Brief

1 Nov, 20221 min readRegulation
Ripple v. SEC: Coinbase Requests to File Amicus Brief

According to a recent document, the American crypto exchange Coinbase has requested the court to file for its amicus curiae brief.

The document shows that the U.S.-based cryptocurrency exchange supports Ripple (XRP) against the U.S. Securities and Exchange Commission.

Furthermore, Coinbase says in the request that the SEC has failed to keep up with the fast-paced crypto industry. The filing reads:

Rather than engage in rulemaking, the current SEC administration has sought to expand the SEC’s jurisdiction over the cryptocurrency industry through ad hoc enforcement actions alleging on a retrospective basis that already-trading digital assets — previously understood by the market to be commodities regulated by the Commodity Futures Trading Commission (“CFTC”) or other non-securities –– are actually securities subject to SEC regulation.

The request to file an amicus curiae brief comes right after the exchange’s CEO Brian Armstrong invited “the whole industry to collaborate more,” according to a Thursday U.Today report.

🤝 — Brad Garlinghouse (@bgarlinghouse) October 27, 2022

Ripple CEO Brad Garlinghouse, however, mocked Coinbase’s CEO, claiming that Armstrong has been supporting tribalism while campaigning against it.

As U.Today reported on Monday, XRP Ledger (XRPL) might soon support native non-fungible tokens (NFTs).

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