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Crypto Legal Expert Says SEC Being Bombarded From All Angles As Amicus Briefs Pile Up in Ripple and XRP Lawsuit

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Two more parties are attempting to weigh in on the U.S. Securities and Exchange Commission�s (SEC) lawsuit against Ripple.

The two new parties are Phillip Goldstein, a managing member at the investment advisory firm Bulldog Investors, and the Investor Choice Advocates Network (ICAN).

ICAN bills itself as �a nonprofit public interest law firm representing parties who cannot afford counsel in precedent-setting Securities and Exchange Commission matters impacting barriers to entry to capital markets.�

Both Goldstein and the ICAN, who are represented by the same lawyer,�seek�the court�s permission to file a legal document known as an amicus brief in the Ripple case, according to a motion shared by digital asset legal website CryptoLaw.

In the proposed amicus brief, the parties argue that the SEC is relying on a vague term to regulate digital assets.

�The SEC treats the term �investment contract� as though it were infinitely flexible and applicable to all manner of investments. But, the statutory source for the term �investment contract� gives no indication that Congress meant this term to be a catch-all phrase to capture financial transactions unrelated to �any interest or instrument commonly known as a security.��

They also argue that Congress is still deciding how to regulate digital assets, citing 11 different pieces of potential legislation. The parties say the SEC has �no authority� to regulate digital assets until a consensus is reached.

Additionally, they argue the SEC�s attempt to regulate crypto exceeds its traditional authority previously delegated by Congress.

Crypto legal expert and Ripple supporter Jeremy Hogan says new parties in the case are �hitting the SEC from all angles.�

 

Last week, U.S. District Judge Analisa Torres�ruled�that TapJets, which bills itself as the Uber of private jet chartering, and remittance company I-Remit can now both serve as an �amicus curiae� in the case in support of Ripple Labs.

Source: dailyhodl.com

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