Chamber of Digital Commerce Enters Ripple vs. SEC Lawsuit, Drawing Parallels to Telegram Case
Chamber of Digital Commerce Enters Ripple vs. SEC Lawsuit
The Chamber of Digital Commerce, a prominent trade association advocating for digital assets and blockchain technologies, has entered the high-profile lawsuit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC). This move mirrors its earlier involvement in the Telegram case, where it argued against the SEC's classification of digital assets as securities.
Parallels to the Telegram Case
In the Telegram case, the SEC successfully halted the launch of the TON network and GRAM tokens, ruling that their sale constituted unregistered securities. The Chamber filed an amicus brief, contending that while the initial sale of tokens might qualify as securities, the underlying digital asset itself does not. This same argument is now being applied to Ripple's XRP.
Ripple's Ongoing Battle with the SEC
The SEC alleges that Ripple sold XRP as unregistered securities, raising $1.38 billion since 2013. Ripple disputes this, citing a 2018 statement by former SEC official William Hinman, who clarified that Ethereum sales were not considered securities. Ripple argues this creates confusion and inconsistency in the SEC's stance on digital assets.
Implications for the Crypto Industry
The outcome of this case could set a precedent for how digital assets are regulated. A ruling in favor of Ripple may provide clarity and potentially limit the SEC's authority over digital assets. Conversely, an SEC victory could lead to stricter regulations and increased legal scrutiny for crypto companies.
Why This Matters
The involvement of the Chamber of Digital Commerce adds significant weight to Ripple's case, potentially influencing the court's decision. The case highlights the broader debate over digital asset regulation and its impact on innovation and investment in the crypto industry.
Stay Informed
For more details on the Telegram case and ongoing developments in the Ripple vs. SEC lawsuit, visit DailyCoin.
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