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Blockchain Association Supports Ripple’s Efforts Against SEC

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The Blockchain Association filed an amicus brief in the case between the U.S. Securities and Exchange Commission (SEC) versus payment company Ripple. The motion is a tool a party uses to provide the court with additional information in support of the defendant, in this case, the payment company. 

In late 2020, the Commission sued Ripple for the alleged offering of an unregistered security, XRP. The case has been paramount in defining the regulator’s stance on the crypto industry. Its outcome might affect the sector and related companies in the coming years.

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Ripple And Allies Fight Back Against The SEC

In that sense, the Blockchain Association decided to take a stand against the SEC and its administration led by Chairman Gary Gensler. The organization’s press release classified the Commission’s action as contrary to U.S. laws. The release said the regulator is trying to regulate by “enforcement” rather than by guidance.

The former approach is perceived as…

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