The Chamber of Digital Commerce filed a motion yesterday to intervene in the ongoing SEC vs Ripple lawsuit. Many in the industry were positive about the Chamber joining the fight. Nonetheless, there were some who were skeptical about the development.
Twitter user @Belisarius2020, who is supposedly a lawyer and a pro-XRP activist shared his thoughts on the Chamber of Digital Commerce joining the SEC vs Ripple battle.
How can the Chamber help the SEC vs Ripple case?
The chamber, according to the attorney, intends to give the court the impression that the digital asset and any transactions involving XRP are two distinct entities. If the court had adopted the explanation that Ripple transactions involving XRP and the independent circulation of XRP are not the same, the rule that cryptocurrency trading on the secondary market turns into securities dealing would not have been set.
Additionally, the lawyer claims that even if the court decides that XRP in this particular case qualifies as a security, the chamber and the cryptocurrency industry will still receive a favorable outcome if at least the necessity of two independent investigations is acknowledged.
Moreover, the attorney pointed out that the Chamber of Digital Commerce’s engagement in the case makes sense in terms of the continuous operation of the cryptocurrency industry. However, this is neither positive nor bad for Ripple or XRP.
The SEC vs Ripple lawsuit has been ongoing since December 2020. According to some, the lawsuit should see a conclusion by March 2023. The case has seen a lot of ups and downs, with many small victories for Ripple. This is especially in regard to the Hinman speech. The speech drew much controversy. William Hinman is the former Director of the SEC’s Division of Corporation Finance. In 2018, Hinman spoke at the Yahoo Markets Summit. He said that Ethereum magically changed from a security to a non-security.