Various organizations continue to attempt to file amicus briefs in support of Ripple in the XRP lawsuit in the SEC v. Ripple case.
A request to submit an amicus brief in the SEC v. Ripple case was most recently made by Veri DAO. Currently, the lengthy lawsuit is in the summary judgment stage. Veri DAO asked for permission from the court to submit an amicus brief in response to Ripple’s motion for summary judgment.
XRP Lawsuit Veri DAO – Amicus Curiae
Suing over XRP Veri DAO filed a motion to submit an amicus brief in the XRP lawsuit, according to James Filan, a defense attorney. Professionals from numerous industries make up the decentralized autonomous organization known as Veri DAO.
According to the DAO, its members are a passionate collection of individuals interested in the possibilities of peer-to-peer capital markets and the de-intermediation of financial institutions for the benefit of creators and innovators. Fascinatingly, the Veri tokens team had to deal with SEC proceedings in 2019.
“The 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.”
The Wider Implications
Veri DAO stated that it will help the court understand the wider ramifications of its judgement on individuals working with cryptocurrencies through its amicus curiae brief.
Another cryptocurrency company, Cryptillian, requested permission from the court earlier on Wednesday to submit an amicus brief in the XRP litigation. A digital wallet solution for commercial retail businesses and retail clients called Cryptillian Payment Systems uses XRP.
Leading cryptocurrency exchange Coinbase requested the court’s permission to submit amicus briefs in the XRP lawsuit earlier. The conversation was intended to back up Ripple’s requests for summary judgment.
The lawyers for the XRP holders have stated that a decision won’t be made until November 18, 2022. As of this writing, the price of XRP is $0.457, up 1.03% over the previous day, according to price monitoring site CoinMarketCap.
