Ripple, the major fintech firm has been garnering a significant amount of support from major firms within the finance and cryptocurrency industries.
Ripple Garners Support against US SEC
The mentioned industries are providing Ripple with all possible support while it battles the US Securities and Exchange Commission.
The scuffle between Ripple Labs and the US Securities and Exchange Commission has become an unending story.
Both sides have continued imposing claims and allegations against each other in regard to their conduct in the matter.
The fight was started by the US SEC when it took Ripple Labs to court claiming that its issued currency XRP, was an unregistered security. This means that Ripple could not sell it to the US locals.
However, Ripple has continued claiming that XRP is not a security, so they are not bound by law to get XRP registered.
Tweet by Brand Garlinghouse
Brad Garlinghouse, the CEO at Ripple made a tweet on November 4, where he shared his joy over the support Ripple has been getting from multiple industries.
Garlinghouse stated that he is proud to see how much support they have been getting from companies from different industries.
He also added that even the investors, associations, exchanges, and developers have come to their support in this time of need.
As of now, 12 major entities from these sectors have joined hands to support Ripple Labs. This is very promising for Ripple Labs as it adds a positive factor in favor of the fintech firm while it fights the US SEC.
As stated by Stuart Alderoty, the general counsel of Ripple Labs, they are seeing many amicus briefs piling up in favor of the fintech firm.
The amicus brief is a document that supporting entities can file in favor of the prosecuted providing more proof, arguments, and information, clearing its position in the matter.
Garlinghouse stated that as per his legal team, this is something that is unprecedented. This means that the entities have realized that Ripple Labs is not at fault in this matter and did everything by the books.
Motion Filed by the SEC
According to many, Ripple Labs has provided enough evidence, arguments, and information to win the case. However, the US SEC has been trying to drag the entire case by requesting back-to-back extensions.
On November 3, the US SEC filed a motion at the court asking for another extension. This time, the US SEC has requested an extension until the end of November so it can submit replies for the briefs.
Although the US SEC had been getting extensions from the court in the past, it is highly likely the court may decline the motion this time.
As many companies have jumped in favor of Ripple, it is anticipated that Ripple may finally win its fight against the US SEC.