In the latest development to the SEC vs Ripple lawsuit, the court approved the Chamber of Digital Commerce‘s motion to submit an amicus curiae brief. The chamber submitted the motion earlier this week.
The approval documents were shared by attorney James K Filan, who has been an instrumental source for major developments.
As per the documents, the Chamber cites that due to its position in the digital asset and blockchain industry, it has a strong interest in the lawsuit. Furthermore, the Chamber will not offer any stance on whether the sale of XRP by Ripple is a security or not. But rather it would ensure that the legal framework applied creates a “clear and consistent precedent for industry members to follow.”
Moreover, the Chamber’s CEO, Perianne Boring, says that the suit has presented an opportunity to Ripple to set the legal framework for the crypto industry. The outcome of the lawsuit will have an impact on the entire digital asset sector.
However, it is uncertain how this development would affect the motions for a summary judgment.
Public sentiment regarding the Chamber joining the SEC vs Ripple case
Right off the bat, many were confused as to the significance of the Chamber joining the case. This is clearly visible in the comments to Filan’s post.
Twitter user @Belisarius2020, who is supposedly a lawyer, explained the significance of the Chamber’s inclusion in the SEC vs Ripple case. According to Bill, the Chamber could give the opinion that the digital asset and the transaction of the digital asset, are two separate entities. Hence, this could potentially lead to two separate investigations.
Nonetheless, investors seem to have reacted positively to the news. As of today, XRP is one of the few tokens that are rallying in the greens. It is in the top five gainers of the week. Celsius (CEL) took the top spot from XRP. This is most likely due to Celsius executives proposing to return investors’ funds.
At press time, XRP was trading at $0.418795, up by 6.1% in the last 24 hours.