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Blockchain Assoc. Seeks to Intervene in SEC vs Ripple

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Crypto lobbying group Blockchain Association has asked permission to support cross-border payments company Ripple as a friend of the court in its case against the U.S. Securities and Exchange Commission (SEC).

According to published reports Sunday (Oct. 30), the Washington, D.C., organization is also asking a federal court for leave to become part of the case.

“The SEC’s extremely broad interpretation of the securities laws would have devastating effects on the industry (and even outside the industry),” the Blockchain Association said in its motion.

The SEC sued Ripple and two of its top executives in December 2020 for allegedly selling unregistered securities in the form of the XRP tokens created by its founders, demanding $1.3 billion in restitution.

The SEC has alleged that CEO Brad Garlinghouse and Executive Chairman Chris Larsen “were objectively reckless in believing that XRP was not a security and that Ripple was on ‘fair notice’ that XRP was a security,” U.S. Magistrate Judge Sarah Netburn wrote in ordering the agency to turn over the documents.

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