US crypto trading and investment platform Coinbase will support Ripple Labs in the long-drawn-out lawsuit against the US Securities and Exchange Commission (SEC). Ripple was sued by the SEC in 2020 for allegedly violating US securities laws. The American regulator has accused Ripple of selling XRP tokens as securities, or securities, without having the necessary licenses for this. Ripple denies this accusation and argues that XRP cannot be seen as an effect.

XRP lawsuit

Ripple is now supported by several parties in this lawsuit. Earlier you could read in the Ripple news that companies such as I-Remit and Tapjets have submitted a so-called 'Amicus letter'. This can be seen as a kind of endorsement from an outside organization or individual not involved in the lawsuit. In September you could already read that the American lobby group Chamber of Digital Commerce (CDC) would also help Ripple in the fight against the SEC.

The latest news regarding the lawsuit was that the Blockchain Association had filed an Amicus letter with the court. The Blockchain Association is a trade association that represents companies and other organizations in the crypto industry. The reason behind this endorsement is that they believe that the SEC is stepping out of bounds in its interpretation of securities laws.

Cryptocurrency exchange Coinbase is now also going to support Ripple in the case against the SEC. The judge will then see Coinbase as "amicus curae", which is Latin for "friend of the courtroom". Coinbase's Chief Legal Officer (CLO), Paul Grewal, said in a series of tweets that the exchange had asked the presiding judge for permission to submit an amicus brief. He said the case is a "textbook" definition of "how critical fair notice is."