Non-profit organization Blockchain Association has supported Ripple in a lawsuit with the US Securities and Exchange Commission (SEC).
The lobbying group sent a letter to the court as amicus curiae.
In December 2020, the SEC filed charges against a fintech company, its co-founder Chris Larsen, and CEO Brad Garlinghouse for selling unregistered securities in the form of the XRP token.
According to the Blockchain Association, the court is close to making a decision on the case. The organization fears that it will be in favor of the regulator. In this case, the list of crypto assets that fall under the definition of securities will expand, “contrary to the intentions of the Supreme Court in the Howey case.”