Better Markets, a non-profit advocating for financial reform, has filed an Amicus brief supporting the SEC in its legal battle with Ripple Labs.
Ripple's Victory Under Scrutiny
Better Markets claims in its brief that XRP qualifies as a security. It argues that the court's decision undermined the Howey test, weakening investor protections. The decision has been seen as opening the door for potential fraud, as the SEC now has limited ability to protect less experienced investors.
Legal Expert's Reactions
Following the SEC's formal appeal, legal experts and the crypto community reacted to Better Markets' actions. Some experts have drawn attention to the ties between Better Markets CEO Denis Kelleher and the Biden administration. Lawyer Jeremy Hogan criticized the organization's arguments as lacking substance.
Better Markets' Role in the Case
Better Markets has filed an Amicus brief in support of the SEC against Ripple. The organization argues the court's decision limits the SEC's capacity to protect investors. This initiative comes after the SEC's appeal against Judge Torres' ruling that XRP is not a security in retail transactions, but is considered such for institutional investors.
The legal battle between the SEC and Ripple continues to draw significant public and professional attention. Better Markets' support highlights the case's importance for the financial sector and investor protection.
