Leading American cryptocurrency exchange Coinbase is seeking permission to file an amicus brief, also known as “friend of the court,” in support of Ripple Labs’ ongoing court case with the United States Securities and Exchange Commission (SEC).
According to a court document submitted on October 31, the exchange sought permission from Judge Analisa Torres of the United States District Court for the Southern District of New York Judge to file the petition against the Commission.
SEC v. Ripple: The Genesis
Recall that in December 2020, the SEC officially sued Ripple and its executives, Chris Larsen and CEO Brad Garlinghouse, for allegedly conducting unregistered securities sales by selling XRP tokens to U.S. investors without authorization from the Commission.
The agency argued that Ripple generated $1.3 billion in its initial coin offering (ICO) through the sales of XRP, which the regulator now labels as securities.
Following the SEC’s action, crypto exchanges in the U.S. b
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