The US lobby group Blockchain Association, along with other organisations and firms, officially filed an amicus brief in support of Ripple in the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple.
Blockchain Association filed an amicus icus brief, noting:
"The SEC’s extremely broad interpretation of the securities laws would have devastating effects on the industry (and even outside the industry)."
The Crypto Council for Innovation (CCI), an alliance of industry leaders, also filed an amicus brief in support of Ripple on Tuesday.
"To date, the SEC has largely chosen enforcement over rulemaking as the way to regulate this evolving ecosystem" CCI wrote in its filing.
Note: An amicus brief is typically submitted by an individual or organization that is not a party to a case but intended to influence the court’s decision.
