XRP Lawsuit: Veri DAO Files For Amicus Supporting Ripple

The SEC Vs Ripple case continues to see various entities trying to file amicus briefs supporting Ripple in the XRP lawsuit. In a latest, Veri DAO filed a request to submit an amicus brief in the SEC Vs Ripple case. The long pending  case is currently in the summary judgment phase. Veri DAO requested the court’s permission to file an amicus brief addressing Ripple’s motion for summary judgment.

XRP Lawsuit Veri DAO – Amicus Curiae

Defense lawyer James Filan said Veri DAO filed a motion to file an amicus brief in the XRP lawsuit. Veri DAO is a decentralized autonomous organization composed of professionals from various industries. The DAO claims to be a group of people passionate about the potential of peer to peer capital markets and the disintermediating of financial systems for the benefit of inventors and innovators. Interestingly, the Veri tokens team had in 2019 faced SEC action.

@dao_veri filed a request to submit an amicus brief in the @SECGov v. @Ripple case. We aim to support the $XRP community and tell the story of downstream $VERI token holders. We will share more details in the coming days. pic.twitter.com/InwMwMg8gu

— VeriDAO (@dao_veri) November 2, 2022

“The members of Veri DAO have the unique experience of being downstream, unaffiliated, and secondary holders of a digital asset in which certain central persons were sued by the SEC. The fallout of such SEC action has left downstream, unaffiliated holders of Veri tokens with no confidence or guidance on what they can legally do with their digital assets.”

The Wider Implications

Veri DAO said that through its amicus curiae brief, it would assist the court in understanding the broader implications of its decision on those involved with cryptocurrency.

Earlier on Wednesday, another crypto firm Cryptillian asked for court to file amicus brief in the XRP lawsuit. Cryptillian Payment Systems is an online digital wallet service for retail customers and commercial retail businesses using XRP. Prior to this, top crypto exchange Coinbase asked the court to file amicus briefs in the XRP lawsuit. The exchange sought to support motions for summary judgement submitted by Ripple.

Meanwhile, the lawyers on XRP holders’ side said that there will be not be any ruling until November 18, 2022. As of writing, XRP price stands at $0.457, up 1.03% in the last 24 hours, according to price tracking platform CoinMarketCap.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

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