The chief executive officer of the financial technology business InvestReady is requesting permission from the court to submit a legal document in favour of the U.S. Securities and Exchange Commission (SEC) in its legal action against the payments startup Ripple Labs.
In a Linkedin post, Adrian Alvarez explains that the current debacle regarding the cryptocurrency exchange FTX has inspired him to contemplate filing an amicus brief.
“I am furious that these dishonest actors have continued to tarnish the reputation of this incredible technology… The FTX scandal was the last straw.”
He asserts that the paper will establish the case for regulating the cryptocurrency sector and support the SEC’s assertion that Ripple offered XRP as unregistered securities.
“I’ve put together an amicus brief for the SEC v. Ripple case to make the case for regulation and clarity for this industry. The brief includes analysis on why I think it’s a no-brainer that XRP was a security when it was first sold, as was ETH by the way, as well as how ETH is now clearly a commodity and XRP is close but not quite decentralised enough.”
U.S. District Judge Analisa Torres has previously accepted the filing of a number of amicus papers in favour of Ripple, including those from financial advising firm Bulldog Investors, the Investor Choice Advocates Network (ICAN), and remittance provider I-Remit.
