- The Chamber of Digital Commerce wants the court to define crypto’s regulatory framework clearly.
- XRP’s price performs strongly as traders are optimistic that the SEC and Ripple Labs will settle soon.
The court has approved the Chamber of Digital Commerce’s request to file an amicus brief. An amicus brief is a legal document that an entity or person files regarding a case in which they are not a party to the case but are willing to help by providing information. An entity or person that files an amicus brief is usually interested in the case.
Earlier in the week, the Chamber of Digital Commerce filed a motion to file this brief regarding the Ripple vs. SEC lawsuit. According to the Chamber’s Head, Perianne Boring, the lawsuit’s status gives the client the chance to shape the framework for the digital asset industry.
Boring also said that the resolution of this case would have a massive impact on the crypto sector in the US. She further reiterated that it has become necessary to establish well-defined and consistent policies for the fast-rising industry. The Chamber of Digital Commerce stated in its brief that it doesn’t have all the information to expressly state that XRP tokens were unregistered security as claimed by the SEC.
Nonetheless, it wants a clear and consistent legal framework for cryptocurrencies. It isn’t the first the Chamber of Digital Commerce will be filing an amicus brief. Two years ago, it did the same in the Telegram lawsuit. As widely reported in various media, Ripple and the SEC filed a summary judgment motion last week to hasten the resolution of the 21-month-old case.
Both parties agree that the Judge now has enough facts to rule. Hence, there would be no further need for the case to reach trial. Following the submission of the briefs earlier in the week, the plaintiff suggested that it might need more time. However, the defendant objected to the suggestion, saying it was a calculated attempt by the SEC to delay the case.
XRP’s price performs strongly
Meanwhile, data from crypto intelligence tracker, Santiment, states that XRP was among the top gainers this past week, during which most crypto prices declined. XRP gained over 17 percent compared to BTC and ETH, which lost 5 percent and 16 percent this past week. Traders’ optimism has risen, and there has been high whale movement around XRP following recent events in the ongoing legal battle between the SEC and Ripple Labs.
📈 #XRPNetwork is +17%this past week, while #Bitcoin (-5%), #Ethereum (-16%), and most of #crypto has declined. The ongoing battles between #Ripple & the #SEC regarding increased regulation has mainly led to increased trader optimism & high whale movement. https://t.co/QT81FtWJvB pic.twitter.com/YY4SOJWXaC
— Santiment (@santimentfeed) September 21, 2022
XRP holders are optimistic that a settlement between the SEC and Ripple will positively impact the altcoin’s price. Also, Whales’ accumulation of the altcoin is usually considered bullish. That is the second major factor causing the rise in XRP’s price. If these two factors play out as predicted, it won’t be surprising if XRP’s price reaches $10 soon. Our data shows that XRP trades at $0.49 and is down 4.90 percent in the last 24 hours.