The United States Securities and Exchange Commission (SEC) and Ripple are engaged in a court case that is regarded as the biggest in cryptocurrency. However, Ripple has not gotten as much support from crypto-related projects compared to what many expected. In the lawsuit against the SEC, the Silicon Valley tech company has been on its own.
In an intriguing turn of events, it appears that Ripple would get the help and support it desperately needs, which could assist the company in ending the ongoing legal battle.
The Chamber of Digital Commerce, the largest blockchain trade organization in the world, has decided to participate in the lawsuit, according to the announcement made by lawyer Jeremy Hogan, a partner at the Hogan & Hogan law company.
“The Chamber is wading into the Ripple v. SEC case,” according to a tweet yesterday from attorney Hogan.
Chamber of Digital Commerce Gets Involved in the Suit
The Chamber of Digital Commerce wants to be granted amici status in the Ripple lawsuit’s summary judgment to support the blockchain company and XRP investors if needed.
Notably, the Chamber of Digital Commerce is well-known for its role in the Telegram vs SEC lawsuit, where it filed an amicus brief supporting the popular messenger app.
Recall that the SEC also filed a lawsuit against Telegram for offering unregistered securities in the United States by offering its Gram (GRM) token.
The parties have already filed a joint proposal to address sealing concerns relating to the impending summary judgment motion, which refers to the Chamber of Digital Commerce as Amici. As a result of the development, the organization will partner with attorney John Deaton in his efforts to secure compensation for more than 72,000 XRP investors.
Hogan Gives Hints on What to Expect
Attorney Hogan has given hints as to what XRP holders should expect in the Ripple lawsuit, which the Chamber of Digital Commerce is pursuing amici status for.
Hogan claims that the Chamber will make a similar argument to the one made by the organization in the Telegram v. SEC litigation, claiming that “even though the sale of XRP might have been a security, the token is not fundamentally a security.”
The Chamber is wading into the Ripple v. SEC case.
Expect something similar to what it filed in the Telegram case and the argument is that although the SALE of XRP might have been as a security, the token is not inherently a security.
Similar to JDeaton, just not as compelling. https://t.co/D7m0kxKdp6
— Jeremy Hogan (@attorneyjeremy1) September 11, 2022
According to Hogan, the Chamber of Digital Commerce’s argument would be similar to the one made by attorney John Deaton in his motion, which claims that XRP is not a security.
Many XRP investors have asked to see the amici brief filed by the Chamber of Digital Commerce in the Telegram v. SEC lawsuit because the summary judgment in the Ripple v. SEC case is imminent. James K. Filan, an attorney, was moved by this to tweet about the briefs.
— James K. Filan 🇺🇸🇮🇪 111k (beware of imposters) (@FilanLaw) September 11, 2022