Veri DAO Submits Amicus Brief in Support of Ripple | XRP Lawsuit

  • The SEC vs. Ripple case is still underway, with several entities attempting to file amicus briefs.

  • The latest request for an amicus brief in the XRP lawsuit was submitted by Veri DAO.

  • Veri DAO is a decentralised self-governing organization composed of experts from various professions.

04 Nov 2022 By: Divya Behl
Veri DAO Submits Ami

Various entities continue to try to file amicus filings 

In support of Ripple in the SEC vs Ripple case. Recently, Veri DAO requested to file an amicus brief in the SEC against Ripple lawsuit. 

The long-running case is currently in the summary judgement phase. Veri DAO requested permission from the court to file an amicus brief in response to Ripple's motion for summary judgement.

XRP Lawsuit Veri DAO – Amicus Curiae

According to defence lawyer James Filan, Veri DAO submitted a motion to file an amicus brief in the XRP lawsuit. Veri DAO is a self-governing decentralised organization composed of professionals from diverse fields. 

The DAO describes itself as a community of individuals who are enthusiastic about the potential of peer-to-peer capital markets and the disintermediation of financial institutions for the benefit of inventors and innovators. Surprisingly, the Veri tokens team was investigated by the SEC in 2019.

The members of Veri DAO had the unique experience of being downstream, unaffiliated, and secondary holders of a digital asset in which the SEC sued certain central persons. As a result of such SEC action, downstream, unaffiliated Veri token holders have lost trust and guidance on what they can legally do with their digital assets.

The Wider Implications

Veri DAO stated that it will assist the court in understanding the broader ramifications of its judgement on individuals working in cryptocurrency through its amicus curiae brief.

Earlier on Wednesday (Nov 2), another cryptocurrency firm, Cryptillian, requested the court for approval to file an amicus brief in the XRP lawsuit. Cryptillian Payment Systems is an online digital wallet service that uses XRP to serve retail clients and commercial retail businesses. Previously, leading cryptocurrency exchange Coinbase requested the court for amicus briefs in the XRP lawsuit. The exchange was intended to bolster Ripple's requests for summary judgement.

Meanwhile, the lawyers representing XRP holders have stated that no decision will be made until November 18, 2022. As per Coingabbar statistics, the XRP price is currently trading at $0.456, up 1.5% in the last 24 hours.

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