The word ‘lobbyist’ probably does not immediately give you the most positive thoughts. Yet it just depends on the circumstances, because lobbyists can also be very useful. The lawsuit between Ripple and the US Securities and Exchange Commission (SEC) is still not over, but a lobby group is now allowed to assist Ripple.
CDC Helps Ripple Against SEC in XRP Case
That writes one of the two judges, Analisa Torres, in a court document. To be precise, it’s not about the popular lawyer John Deaton, but about the Chamber of Digital Commerce (CDC). The judge now sees this organization as ‘amicus curae‘, which is Latin for ‘friend of the courtroom’.
The American lobby group can now help Ripple in the lawsuit with expertise. It is one of the most influential public lobby groups in the crypto industry, so it is possible that this decision will have some tail.
The organization itself puts in a other document explain why it would like to be part of the case. It emphasizes that ‘investment contracts’ are not necessarily ‘securities’ (securities, i.e. stocks and bonds). The lawsuit could also affect other crypto assets. The CDC emphasizes that there is a difference between the initial sale of XRP (XRP) by Ripple and Ripple’s top executives, but secondary trades are very different. This applies directly to the rest of the XRP market.
XRP news also positive for other altcoins
Should the Chamber of Digital Commerce make progress, this XRP news could have major positive consequences for other altcoins. We recently wrote that the SEC seems to have plans to sue other companies behind certain cryptocurrencies as well.
Grayscale’s investor agreement would have been updated. Now it says that Grayscale has been in contact with the SEC, and the latter wants to know from Grayscale whether it would classify Stellars Lumen tokens (XLM), Zcash (ZEC) and Horizons ZEN coins as securities.