The SEC filed a lawsuit against blockchain payments company Ripple in December 2020. It’s almost two years now, yet, the case has not wound up. A host of companies have been leaning towards Ripple. Prominent platforms have consistently been coming forward to support the blockchain company by filing Amicus Briefs. The list includes names like Coinbase, I-Remit, Valhil Capital, SpendTheBits, Chamber of Digital Commerce, TapJet, ICAN, and Cryptillian Payment Systems, among others.
Read More: How Many Firms Are Supporting Ripple Against the SEC?
Companies start batting for the SEC now
Companies have now started sending their amicus briefs in support of the SEC. A day back, licensed attorney and InvestReady’s CEO Adrian E. Alvarez wrote to Judge Torres via a motion stating,
“We have seen how a lack of investor protections in the crypto markets has hurt the overall online fundraising market in the U.S. and we want to make sure the voices of those trying to follow the rules set forth are heard and not drowned out by many of the crypto-boom-fueled that jumped on the bandwagon to submit their own briefs.”
The executive further mentioned in the brief that the last thing needed now was another carve out for companies that endangered investor funds. The brief also stated that the company’s business would benefit from a ruling, favoring the SEC and that’s why InvestReady felt the need to step into the picture.
Attorney Jeremy Hogan however took to Twitter to proclaim that the brief brought no new facts and was merely a legal argument. Nonetheless, submitting a brief was well within their rights.
Is the SEC ghost-writing the briefs?
Today, The New Sports Economy Institute also submitted its copy of the Amicus Brief along with its motion to Judge Torres noting,
“NSEI does not operate in the crypto industry. Rather, its primary goal is to foster an environment where financial innovation is respected, but only to the extent it is transparent and serves the public interest.“
Attorney Fred Rispoli, however, took Twitter to bring to light a few interesting facets. The firm has allegedly been involved in cases as amicus only when sports gambling issues have been at play. However, this time seems to be different.
The attorney highlighted that in the past, the SEC filed a case against NSEI. The sports institute just settled in September and the only thing yet to be determined is how much money they need to pay to the SEC. Interestingly, the law firm that has now filed the amicus in favor of the SEC is not the same firm that represented NSEI in its SEC lawsuit.
Furthermore, the Amicus Counsel’s office is “literally across the street” from the SEC. Per Rispoli, it appeared that a number of attorneys from the said law firm “have ties to the SEC.” He further contended that the brief “truly” read like it was “ghost-written” by the SEC.
Towards the end of the thread, Rispoli also outlined brief might have leaked the SEC’s “end game.” Elaborating on the same, he added: