As of September 14th, it was revealed that the Chamber of Digital Commerce has sought the court’s permission to file a brief about the current disagreement between the SEC and Ripple.
In legal terminology, this kind of letter is known as an amicus curiae and expresses the opinion of a third party who is not a party to the action but has a substantial interest in the outcome.
Business in the digital age has a powerful lobbyist in the form of the Chamber of Digital Commerce.
The SEC v. Telegram case, for example, implicated them since it concerned the messenger’s token, GRAM.
Telegram was being represented here by the Digital Chamber of Commerce.
In a press release issued with the motion, the group makes it plain that it has no intention of responding to the arguments made by the parties or otherwise taking a side in the dispute.
The key cause of concern for the chamber is the lack of precise and unambiguous regulation surrounding the issue of digital currencies and their development as investment contracts.
The chamber views this as its top priority.
Extremely Complicated Situations Around Ripple
It’s possible that the Howey Test still has some bearing on the initial sale of cryptocurrencies, but the head of the chamber of commerce says that dealing with cryptocurrencies and the movement of cryptocurrencies on the secondary market is unprecedented.
She concludes that brokers, dealers, exchanges, and all other market players’ attempts to operate within the regulatory framework are multiplied by zero due to the absence of regulatory clarity on these matters.
Also, because of this ambiguity, these market players cannot follow the rules and regulations.
Similar arguments have been raised by other cryptocurrency advocates in their filings with the Securities and Exchange Commission, including well-known XRP proponents John Deaton and Jeremy Hogan.
[…] Ripple submitted its redacted reply to the objection that the SEC had made to the defendant’s request for summary judgment on December 2. It was the organization’s closing argument in the highly publicized lawsuit. In its response, the plaintiff also requested that the court rule against the defendant, Ripple. […]