- On 31 October, the Crypto Council filed an amicus brief in the SEC lawsuit against Ripple.
- Why? The court’s decision could have industry wide effects.
- Read the brief.
As we mentioned on Twitter, the court’s decision could have industry wide effects. The regulation-by enforcement approach departs from the principle of meaningful public participation in agency decision-making. It deprives market participants of fair notice as to what conduct is permissible. It also risks curtailing innovation and investment in this cutting-edge sector of the economy.
As the coalition of industry leaders, we think these issues are profoundly important not only for digital asset holders, but for the developers, operators, and investors building the crypto ecosystem. Without clear, consistent guidance and the ability to work within a regulatory framework that makes compliance possible, crypto, and the growing industry underlying it, will not achieve its full potential in the US. As we have said before, context matters and should inform the Court’s analysis of the legal questions presented in this case.
What is an amicus brief?
An amicus brief is a written argument filed by a person or a group who is not a party to the an action, but has an important interest in the matter. The objective of the brief is to help inform the court’s decision. They can be written by experts who have studied a topic extensively and are able to place the case and its potential impacts into a wider context. Cornell Law School has more details.