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- There would likely be a tidal wave of XRP investors when Ripple wins its legal battle with the SEC.
- There are now 11 entities supporting Ripple with an amicus brief in its lawsuit with the US SEC.
Blogger and crypto YouTuber, Ben Armstrong, alias BitBoy, has shared his insights on what would happen if Ripple wins its legal battle with the US financial watchdog (SEC).
BitBoy believes Ripple would “destroy” the SEC and expects a massive influx of investors buying XRP tokens. BitBoy took to Twitter to express what he thinks will happen when Ripple wins against the SEC.
BREAKING: The @SECGov has just joined the fight & filed an Amicus Curiae Brief to support #Ripple in the battle against… the SEC
Gary Gensler reportedly didn’t see this coming. An anon source told BitBoy Crypto, “Gary is happy to finally be on the winning side”
— Ben Armstrong (@Bitboy_Crypto) November 3, 2022
This influx of new XRP investors would likely cause a spike in XRP’s price. In addition, the market would see the victory as a positive sign for Ripple and the wider crypto community. Recall that BitBoy recently enlisted as one of the participants in attorney John Deaton’s class action lawsuit by XRP holders against the US SEC.
Attorney Deaton had started the lawsuit to represent all XRP holders as they sued the US financial watchdog over its allegation against Ripple. BitBoy joins the over 75,000 XRP holders signed up to participate in Attorney Deaton’s lawsuit on behalf of XRP holders against the SEC. The start of this lawsuit also means the testimonies of these investors are acceptable in the SEC vs. Ripple lawsuit.
More support for Ripple Labs
Meanwhile, the number of entities supporting Ripple labs’ lawsuit with the US SEC keeps growing daily. The latest to join is an online digital wallet service firm, Cryptillian payment systems. Cryptillian provides its services to commercial retail businesses and customers using XRP.
In a letter sent to pro-Ripple lawyer James K. Filan, Cryptillian has requested to file an amicus brief to support Ripple’s argument against the financial regulator’s summary judgment motion. James Filan shared a screenshot of Cryptillian’s request on Twitter.
#XRPCommunity #SECGov v. #Ripple #XRP Cryptillian Payment Systems, an online digital wallet service for retail customers and commercial retail businesses using XRP, asks to file an Amicus Brief supporting Ripple’s Opposition to the SEC’s Motion for SJ.https://t.co/brFjNVmUmq
— James K. Filan 🇺🇸🇮🇪 124k (beware of imposters) (@FilanLaw) November 3, 2022
The digital wallet service is filing this amicus brief because XRP is one of its supported crypto assets. Cryptillian clarifies that it has no affiliation with Ripple labs, whether financial or otherwise. However, the firm has been using Ripple’s XRP ledger to process XRP transactions for more than 12 months.
Hence, an SEC win in its court case against Ripple would negatively affect its business. Also, it would mean that users of Cryptillian’s services have violated the 1934 securities and exchange act. Also, the firm said it has data to prove that Americans use cryptos daily without violating securities laws.
With the addition of Cryptillian, eleven entities are now backing Ripple labs with amicus briefs as it seeks a win against the US SEC’s allegations of selling XRP tokens as securities. Attorney Jeremy Hogan remarked that Judge Torres’ understanding of the case’s complexity is why she is allowing the numerous amicus briefs.
Meanwhile, XRP is up 1.13 percent in the last 24 hours and trades at $0.458, according to current data. On the chance that Ripple wins its case, XRP is set to moon, possibly retesting its ATH.
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