Coinbase Files Amicus Brief in Support of Ripple Labs In SEC Lawsuit
Coinbase has formally filed an amicus brief in support of Ripple Labs Inc. in the 2020 lawsuit filed by the Securities and Exchange Commission against Ripple.
The SEC filed the aforementioned lawsuit against Ripple and its executives approximately two years ago, alleging that the sale of XRP constituted an offering of unregistered securities worth over $1.38 billion.
To ensure that the existing due process guidelines on which the fair notice defense is based continue to protect against unauthorised regulatory enforcement when needed, Coinbase mentioned in the filing that the SECs motion for summary judgment on this issue should be denied.
According to Coinbase, government agencies cannot condemn conduct as a violation of the law unless fair notice is provided. Moreover, by suing sellers of XRP tokens after making public statements signaling that those transactions were lawful, Coinbase claims that the SEC has indeed lost sight of this bedrock principle.
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