The SEC v Ripple case continued to take a backseat on Thursday, with the market focus remaining on FTX. Following the Binance withdrawal on Wednesday, news of Tron’s Justin Sun working on a solution provided much-needed support.
In the afternoon session, the US CPI report for October provided XRP and the broader market with a boost. Softer inflation figures fueled Fed pivot bets for December. XRP rallied by 6.5% in response to the CPI report.
Amicus Brief Requests Continued to Roll in Ahead of Today’s Deadline
On Thursday, The New Sports Economy Institute (NSEI) and InvestReady filed requests to file Amicus Briefs in support of the Defendants.
InvestReady took a different approach to other Amicus Brief filing requests. According to the InvestReady filing, (referencing ETH and XRP)
“What we need to do is find a way forward that acknowledges the fact that these instruments were securities, allows for the continuation of the innovations and utility that both provide, and protect the investors, and they are investors, that are holding these tokens as they would be the ones to suffer if any draconian measures were taken.”
InvestReady proposed,
“A combination of a settlement in this case, a subtle rule change for accredited investors, and a path to commodity/decentralization for tokens that are no longer securities via a decentralization audit.”
The filing went on to say,
“In this case, I would argue that ETH has successfully converted into a commodity (and would pass a theoretical decentralization audit), whereas the supply of XRP is still more than 50% controlled by Ripple and therefore too centralized under the proposed rules.”
InvestorReady added,
“Part of my proposed settlement would be for XRP to release more than 50% of the existing supply of tokens and submit to a decentralization audit to certify sufficient decentralization to be considered a commodity.”
With the list of Amicus Briefs sitting firmly in Ripple’s camp, the InvestReady filing gives the Court another viewpoint. However, it remains to be seen whether SEC Chair Gary Gensler would be amenable to tokens shifting from the oversight of the SEC to the Commodity Futures Trading Commission (CFTC).
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