{"id":505167,"date":"2022-10-31T09:15:08","date_gmt":"2022-10-31T06:15:08","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/blockchain-association-throws-support-behind-ripple-in-sec-duel\/"},"modified":"2022-10-31T09:15:08","modified_gmt":"2022-10-31T06:15:08","slug":"blockchain-association-throws-support-behind-ripple-in-sec-duel","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/blockchain-association-throws-support-behind-ripple-in-sec-duel\/","title":{"rendered":"# Blockchain Association throws support behind Ripple in SEC duel"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2e92e456c17\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2e92e456c17\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/blockchain-association-throws-support-behind-ripple-in-sec-duel\/#%E2%80%9D_Blockchain_Association_throws_support_behind_Ripple_in_SEC_duel_%E2%80%9C\" >&#8221; Blockchain Association throws support behind Ripple in SEC duel &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Blockchain_Association_throws_support_behind_Ripple_in_SEC_duel_%E2%80%9C\"><\/span>&#8221; Blockchain Association throws support behind Ripple in SEC duel &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvYjU5Y2Q4Y2MtMDZjYi00OGNhLWFmYmItMzYzODQ1YWM0NGI5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4b69a2fe>United States-based crypto advocacy group Blockchain Association has come out in support of Ripple Labs amid its ongoing legal battle with the Securities and Exchange Commission (SEC), claiming the case could be very important for the future of the crypto industry.\u00a0<\/p>\n<p>In an Oct. 28 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/theblockchainassociation.org\/blockchain-association-files-amicus-brief-in-sec-lawsuit-against-ripple\/\">post<\/a>, the advocacy group announced it will &#8220;stand&#8221; with the American crypto economy by filing an amicus brief, also known as &#8220;friend of the court&#8221; in the SEC enforcement action against Ripple.<\/p>\n<p>Nearly two years ago, the SEC announced they were suing Ripple (XRP), former CEO Christian Larsen, and current CEO Brad Garlinghouse in Dec. 2020 for allegedly raising $1.3 billion through unregistered securities sales through XRP.<\/p>\n<p>&#8220;This case, which is just one in a long line of SEC efforts to regulate by enforcement, highlights the SEC&#8217;s efforts to cement and legitimize its overly broad interpretation of the Howey test,\u201d wrote the association.<\/p>\n<p>The Howey Test determines what qualifies as an investment contract and is therefore what is subject to U.S. securities laws.<\/p>\n<p>In their brief, the Blockchain Association outlined why in their view, the SEC and Chairman Gary Gensler&#8217;s views of securities laws could have &#8220;devastating effects&#8221; on the crypto industry.<\/p>\n<p>They argue blockchain technologies have many uses across the crypto industry; tokens can be used to pay for goods and services, conveyance of intellectual property rights, inventory tracking, and for a specific purpose in a given blockchain project.<\/p>\n<p>&#8220;<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">App<\/a>lying the securities laws to those tokens \u2013 whether or not through the prism of the Howey test \u2013 would significantly restrict those networks from functioning.&#8221;<\/p>\n<p>The association also claimsSEC is disregarding clear Supreme Court and Second Circuit precedents stating transactions aboard are beyond the jurisdictional reach of the SEC.<\/p>\n<blockquote><p>&#8220;Though the blockchain industry is global in nature, the federal securities laws are not. The Second Circuit has repeatedly re-emphasized the Supreme Court&#8217;s lesson on this subject.&#8221; <\/p><\/blockquote>\n<p>&#8220;Accordingly, both for liability and (if necessary) damages purposes, this Court should be mindful of the limits of the securities laws,&#8221; it added.\u00a0<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Ripple boss tips when SEC case will end as Hoskinson hits back at XRP army<\/em><\/strong><\/p>\n<p>Kristin Smith, executive director of the Blockchain Association, believes this case could have wide-reaching ramifications for the future of crypto, calling the SEC&#8217;s interpretations of the securities laws, \u201cthe single greatest threat to the future of this rapidly growing industry.&#8221;<\/p>\n<p>&#8220;By erratically applying these outdated standards to a modern and innovative <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>, the SEC continues its &#8220;regulation by enforcement&#8221; pattern, punishing crypto companies with little justification or warning,\u201d she said. <\/p>\n<p>The Blockchain Association said the case gives the industry the chance to push back against what they see as the &#8220;SEC&#8217;s regulation by enforcement agenda&#8221; and potentially open the door to modernized standards for the industry.&#8221;<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/blockchain-association-throws-support-behind-ripple-in-sec-duel\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Blockchain Association throws support behind Ripple in SEC duel &#8220; United States-based crypto advocacy group Blockchain Association has come out in support of Ripple Labs amid its ongoing legal battle with the Securities and Exchange Commission (SEC), claiming the case could be very important for the future of the crypto industry.\u00a0 In an Oct&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":505168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvYjU5Y2Q4Y2MtMDZjYi00OGNhLWFmYmItMzYzODQ1YWM0NGI5LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,75034,75557,117,55229,72287],"class_list":["post-505167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-ripple","tag-xrp","tag-business","tag-law","tag-security"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/505167","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=505167"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/505167\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/505168"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=505167"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=505167"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=505167"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}