Morrison Cohen Files Important Amicus Brief on Behalf of The Blockchain Association
On October 28, 2022, Morrison Cohen, on behalf of client The Blockchain Association, filed a motion for leave to file an amicus curiae brief in the landmark SEC v. Ripple Labs, Inc., et al. litigation in the Southern District of New York. The proposed amicus details how a ruling in the Ripple case could have negative consequences for the digital asset and blockchain industry at large.
Several news outlets immediately reported on this significant filing. In a Law360 article, “Coinbase, Others Side with Ripple in SEC Token Sales Case,” Jason Gottlieb was quoted as saying that the SEC's pattern of "regulation by enforcement" harms U.S. crypto companies and investors. He stated, "The fatal flaw in the SEC's position is its failure to distinguish primary sales from downstream transactions in the secondary market. The SEC ignores the difference between promises that go along with a token sale (maybe a security) and the token itself (never a security)."
The Morrison Cohen team that filed the amicus motion included Partners Jason Gottlieb, Michael Mix, and Daniel Isaacs and Associate Vani Upadhyaya. The proposed amicus brief, as filed, is attached.
Additional press coverage is below:
Coinbase, “Crypto Lobbyist Group Blockchain Association Asks Court for Permission to Support Ripple Against SEC Case”
PYMNTS, “Blockchain Association Seeks to Intervene in SEC Lawsuit Against Ripple”
Cointelegraph, “Ripple’s Allies Expand: Coinbase Files Amicus Brief in Fight Against SEC”
The Block, “Blockchain Association Files Amicus Argument in Ripple Case”
The Coin Republic, “Blockchain Association Files Amicus Brief in SEC v Ripple Case”
Contacts
- Jason P. Gottlieb Partner & Chair, Digital Assets; Chair, White Collar and Regulatory Enforcement
- jgottlieb@morrisoncohen.com
- Michael Mix Partner
- mmix@morrisoncohen.com
- Vani Upadhyaya Associate
- vupadhyaya@morrisoncohen.com
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Our Digital Assets Group represents some of the largest and most significant names in the sector, drawing upon our depth of experience and comprehensive understanding of cryptocurrency, DeFi, DAOs and NFTs.
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