The SEC Vs Ripple case continues to see various entities trying to file amicus briefs supporting Ripple in the XRP lawsuit. In a latest, Veri DAO filed a request to submit an amicus brief in theĀ SEC Vs Ripple case. The long pendingĀ case is currently in the summary judgment phase. Veri DAO requested the courtās permission to file an amicus brief addressing Rippleās motion for summary judgment.
XRP Lawsuit Veri DAO ā Amicus Curiae
Defense lawyerĀ James FilanĀ said Veri DAO filed a motion to file an amicus brief in the XRP lawsuit. Veri DAO is a decentralized autonomous organization composed of professionals from various industries. The DAO claims to be a group of people passionate about the potential of peer to peer capital markets and the disintermediating of financial systems for the benefit of inventors and innovators. Interestingly, the Veri tokens team had in 2019 faced SEC action.
āThe members of Veri DAO have the unique experience of being downstream, unaffiliated, and secondary holders of a digital asset in which certain central persons were sued by the SEC. The fallout of such SEC action has left downstream, unaffiliated holders of Veri tokens with no confidence or guidance on what they can legally do with their digital assets.ā
The Wider Implications
Veri DAO said that through its amicus curiae brief, it would assist the court in understanding the broader implications of its decision on those involved with cryptocurrency.
Earlier on Wednesday, another crypto firmĀ Cryptillian asked for court to file amicus briefĀ in the XRP lawsuit. Cryptillian Payment Systems is an online digital wallet service for retail customers and commercial retail businesses using XRP. Prior to this, top crypto exchange Coinbase asked the court to file amicus briefs in the XRP lawsuit. The exchange sought to support motions for summary judgement submitted by Ripple.
Meanwhile, the lawyers on XRP holdersā side said that there will be not be any ruling until November 18, 2022. As of writing, XRP price stands at $0.457, up 1.03% in the last 24 hours, according to price tracking platformĀ CoinMarketCap.