The number of firms backing Ripple (XRP) against the U.S. SEC has increased to 12, with the latest being a Wyoming-based decentralized organization VeriDAO, which filed an amicus brief on Nov. 3.
According to the court filing, the SEC had brought a lawsuit against the DAO that its VERI tokens were unregistered securities on Aug. 12, 2019. The filing continued that while the organization resolved the issue concerning the tokens with the commission, they were unable to clarify whether the tokens were “investment contracts” or some other type of “security.”
The DAO stated that efforts to get more clarity concerning this token from the regulator had proven abortive. The SEC only provided an informal warning that the VERI Tokens would be treated as securities.
According to the DAO, XRP could end up falling under this same regulatory ambiguity cloud if the Gary Gensler-led commission is allowed to have its way.
Several other firms, including U.S.-based crypto exchange Coinbase, have
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