Blockchain Association sides with Ripple in case against SEC

The nonprofit Blockchain Association has appeared to support Ripple in its disputes with the SEC.  Thus, the court received a letter from the lobbying group as amicus curiae – a friend of the court.

Recall that back in December 2020, the SEC accused the company, its co-founder Chris Larsen and CEO Brad Garlinghouse of selling unregistered securities in the form of the XRP token.

According to the Blockchain Association, in the near future the court may decide on the case. At the same time, representatives of the organization express concern that it will be in favor of the regulator. This, in turn, will lead to the fact that the number of crypto-assets covered by the definition of securities will expand.

“The SEC’s extensive, unsystematic interpretation of securities laws today poses the greatest threat to the future of this fast-growing industry. By indiscriminately applying outdated standards to modern and innovative technology, the Commission continues its model of ‘regulation through enforcement,’ punishing crypto companies without much reason or warnings,” highlighted Blockchain Association CEO Kristin Smith.

Kristin Smith believes that a court decision in favor of Ripple “will open the door to modernized standards for the industry.”

It’s worth noting that the Blockchain Association has already acted as amicus curiae in supporting Grayscale Investments in its case against the SEC.