- Phillip Goldstein and ICAN have filed an amicus brief in the Ripple-SEC lawsuit.
- SEC opposes amicus brief filings in favor of Ripple from other companies.
- Goldstein cites that the SEC has a tendency to expand its authority beyond its statutory limits.
CryptoLawUS reported on Twitter that major market players Phillip Goldstein and Investor Choice Advocates Network ICAN are supporting Ripple in the lawsuit against SEC by filing an amicus brief to the court.
Continuing the Twitter thread, CryptoLawUS mentioned that ICAN is a non-profit law firm that enables access to markets for underrepresented entrepreneurs and investors.
On the other hand, Phillip Goldstein is a Bulldog Investors co-creator that invests in closed-end funds, small-cap operating companies, and SPACs.
Interestingly, Goldstein has already been prosecuted in court against the SEC. Moreover, both Goldstein and ICAN represent market participants’ general interests, and the amicus brief comes from a lawyer representing both Goldstein and SEC.
Goldstein cites that the SEC “has a tendency to expand its authority beyond its statutory limits.” Through the amicus brief, Goldstein and ICAN want to highlight why the SEC’s attempt at taking control of cryptocurrencies and digital assets is “an impermissible and unauthorized exercise of regulatory power.”
However, the SEC is opposing amicus briefs from companies supporting the blockchain giant, Ripple. The US Securities regulator has reportedly asked Judge Torres to deny TapJets Inc. and I-Remit Inc. amicus brief filings in its motion of summary judgement.
The Philippines-based cross-border money transfer platform that relies heavily on Ripple and ODL for cheap and effortless transactions, emphasized the significance of XRP to its business, in its motion letter.
Meanwhile, TapJets focused on how XRP allows its business model to book flights across the globe at any time.
The SEC filed the lawsuit against Ripple Labs executives Brad Garlinghouse and Christopher Larsen in December 2020, for allegedly selling XRP as an unregistered security.
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