Recently, Ripple filed an amicus brief supporting the Ripple litigation. They have also done it with grayscale ETP, these are definitely issues of fair notice and that means regulators need to give the crypto market fair notice of expected conduct before they take enforcement action. Over the last five years, it is not clear what the SEC is asking for generally. Ripple did not of unusual things, in July they filed a petition for rulemaking and what that means is that they want the regulator to be regulated. They did that because there are many uncertainties about where different regulators have authority.
There are no rules today under the SEC purview purse tokenize equity or debt on the digital asset security market. There are many debates on whether or not the SEC should have authority over commodities and this is what the DCCPA is trying to help draw the line between CFTC's authority over our commodity and the SEC's authority over securities. The major reason why Ripple filed these amicus briefs is that the whole policy is being done in the courts.
The decision the courts are going to make on the case is going to help draw these lines between securities and commodities. Until there is affirmative notice and comment rulemaking at agencies and laws passed to make it happen, they will only be debating the courts. It is not only Coinbase that file the amicus brief, many other different companies all file the Amicus Briefs. What they are doing is that they are asking the court for permission to join the case and tend their vital information that the SEC and Ripple haven't shared. This information will help the court make a decision.
Right now, the entire world just realized that an XRP win needs to happen because if Ripple loses, then the entire world of the crypto world will be the next. We are seeing the hashtag GaryGensierResign currently trending. The entire crypto world is standing up against him. Even in the mid of all the lawsuits, Ripple is still doing well. I think the hashtag GaryGensierResign seems a bit too harsh on him but I believe is high time Gary admits his mistakes. As much as I like this hashtag, I also don't want him jobless and that is doing wish for anyone. When all this lawsuit is over, the entire world is set to flourish like never before.
