The CEO of financial technology firm InvestReady is seeking the court’s approval to file a legal document that will support the U.S. Securities and Exchange Commission (SEC) in its legal suit against payments company Ripple Labs.
In a Linkedin post, Adrian Alvarez says that the recent fiasco involving crypto exchange FTX prompted him to consider submitting an amicus brief.
“I am frankly pissed off that these fraudulent actors have continued to sully the name of this amazing technology… the FTX debacle was the last straw.”
He says the document will make the case for regulating the crypto industry and back up the SEC’s claim that Ripple sold 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 decentralized enough.”
U.S. District Judge Analisa Torres has already approved the submission of several amicus briefs for the case, including those from investment advisory firm Bulldog Investors, the Investor Choice Advocates Network (ICAN) and remittance company I-Remit, which all support Ripple.