Ripple gains another supporter as top VC firm wades in lawsuit XRPArmy SEC XRPCommunity XRPHolders XRP XRPthestandard RippleXRP
The firm says it wants to participate in the case because it is concerned that a decision casually adopting the language advocated by the SEC could have sweeping and unintended effects on Paradigm and others who seek to utilize new technology in a way that could benefit users.
On the surface, the case might be about whether certain offers and sales of XRP tokens were securities offerings. But the SEC's rhetoric goes further than it claims to require or the law supports, as the SEC asserts that XRP tokens and, by extension, many other crypto assets are themselves securities.In a document addressed to the court, Paradigm argued that the SEC's attempt to obtain new authority through the court was a regulatory overreach.
Paradigm's main argument bordered on the misapplication of the Howey test. It points out that a comprehensive study has confirmed that no federal appellate court has upheld that an asset that is the object of an investment contract transaction is itself a security or that a subsequent transfer of that asset would be a securities transaction, nor has the SEC cited any such authority.
In a recent update shared by James K. Filan, two attorneys, Kayvan B. Sadeghi and Shailee Diwanji Sharma, have filed appearances on behalf of Paradigm Operations in the lawsuit.
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