A United States crypto advocacy group, the Chamber of Digital Commerce (CDC), has been granted approval from the Court of Southern District of New York to participate as an amicus curiae in the U.S. Securities and Exchange Commission (SEC) case against Ripple Labs. The status of “friend of the court” permits them to assist a court by providing information, expertise or insight.
An order was signed by Judge Analisa Torres on Wednesday. The CDC shall file its brief by Sept. 26.
While explaining its interest in the case, the CDC legal team emphasized the far-reaching consequences of the court decision; namely, whether the law applicable to the securities transaction is properly distinguished from the one applicable to secondary transactions.
The case was opened in 2020 when the SEC alleged that Ripple and its executives Brad Garlinghouse and Christian Larsen sold Ripple (XRP) as unregistered securities worth over $1.38 billion. The outcome of