The Chamber of Digital Commerce will take part in the proceedings between the SEC regulator and Ripple

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US Chamber of Digital Commerceseeks to obtain the status of “friends of the court” (amici curiae) in the litigation between Ripple and the SEC to provide support to the company and XRP holders.

Lawyer and law firm partnerHogan&Hogan Jeremy Hogan explained that the Chamber is studying the details of the case and intends to participate in it as an independent expert, putting an end to the protracted litigation. 

The position of the organization will be similar to the argumentsattorney John E Deaton, who represents XRP holders and argues that XRP digital coins should not be considered securities. A few months ago, the US Securities and Exchange Commission (SEC) demanded that Deaton be removed from the proceedings with Ripple due to his harsh statements about the futility of the agency's arguments.

The Chamber of Digital Commerce took part incase initiated by the SEC against Telegram on charges of selling Gram tokens as unregistered securities. In 2020, the Chamber sent an expert opinion to the court with a request to distinguish between the concepts of a digital asset as the subject of an investment contract from a transaction with securities. The agency believes that not all cryptoassets should be regulated as securities just because they operate on the blockchain. However, the Chamber's efforts did not lead to the desired result. The Federal Court accepted the SEC's position and blocked the distribution of Gram tokens to all investors. Therefore, in May 2020, Pavel Durov announced the closure of the Telegram Open Network (TON) platform.

SEC Approach to Cryptocurrency Regulationcriticized by many participants in the cryptocurrency industry and some media. Recently, Forbes journalist Roslyn Layton accused the department of despotism. Layton suggested that the SEC does not have clear rules for the supervision of cryptocurrencies, and nevertheless, the agency prefers to sue crypto companies, imposing fines on them.