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Crypto Exchange Coinbase Files Amicus Brief to Support Ripple in SEC Lawsuit Over XRP
Cryptocurrency exchange Coinbase has filed an amicus brief in support of Ripple Labs in the U.S. Securities and Exchange Commission (SEC) lawsuit over xrp. Coinbase’s support is seen as a significant step in the case given that the crypto exchange was among the first trading platforms to delist xrp following the SEC lawsuit.
Coinbase Supports Ripple Against SEC
The Nasdaq-listed cryptocurrency exchange Coinbase filed an amicus brief on Tuesday in support of Ripple Labs against the U.S. Securities and Exchange Commission (SEC). The regulator sued Ripple, its CEO Brad Garlinghouse, and co-founder Chris Larsen over the sale of XRP, alleging that the crypto token is a security.
Since the SEC lawsuit was filed, “multiple U.S. exchanges delisted XRP, causing its market value to decline by $15 billion, resulting in significant losses to Coinbase’s customers,” the counsel for Coinbase explained in the filing, noting:
In the absence of a regulatory framework governing digital assets, Coinbase believes that parties like Ripple must be permitted to pursue fair notice defenses in matters where they are facing surprise enforcement actions like this one.
In its amicus brief, Coinbase argued that “existing due process precedents prohibit unforeseen enforcement actions” and “SEC rulemaking is essential to account for new technology in the crypto space.” In addition, “a robust fair notice defense is critical in the absence of crypto rulemaking.”
“Until the SEC engages in rulemaking for cryptocurrency, the fair notice defense is a constitutionally required brace against arbitrary, surprise cryptocurrency enforcement actions,” Coinbase asserted. “In the absence of such regulations … preventing Ripple’s fair notice defense from even being heard at trial will not only undermine Ripple’s ability to avail itself of a defense afforded by the basic tenets of due process, but will also give the SEC no incentive to engage in the rulemaking work the cryptocurrency industry and its customers need.”
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