Lawyer Explains How Chamber of Digital Commerce Will Help Ripple and XRP
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The participation of the digital chamber of commerce is a win-win, explains the lawyer
As U.Today reported yesterday, the Digital Chamber of Commerce, an independent pro-blockchain association, has filed a motion to intervene in the lawsuit between Ripple and the SEC. As a third party with a strong interest in the case, the organization is hoping to get a similar opportunity as it was granted in the SEC’s case against Telegram.
The news of the chamber’s possible participation was received most positively, but there were still skeptics who questioned the appropriateness of the event. A pro-XRP activist and lawyer known as @Belisarius2020 on Twitter offered his opinion on the news.
Thus, the lawyer said, the purpose of the division is to give the court an understanding that digital assets and transactions with them are two separate entities. The court’s acceptance of the clarification that Ripple transactions with XRP and XRP’s independent circulation are not the same thing would have prevented a precedent of cryptocurrency trading becoming securities trading in the secondary market, the lawyer says.
Translate the script
At the same time, according to the expert, the chamber and the crypto industry will get a positive result, even if the court recognizes that the Ripple sales were investment contracts and therefore XRP in this case, there is a guarantee if the need for at least two separate reports is recognized.
That’s why I don’t see Chamber’s underpants as good or bad for Ripple or XRP holders. I think it is important and helpful to the case if the court leaves the distinction between Ripple’s XRP transactions and the asset and recognizes the different inquiries/7
— invoice (@Belisarius2020) September 16, 2022
In summary, the lawyer states that the involvement of the Digital Chamber of Commerce in the case is neither good nor bad for Ripple or XRP, but it makes sense for the continued operation of the crypto industry.