JAKARTA The Ripple vs SEC case is still protracted. The feud between cross-border payment companies and the US Securities and Exchange Commission (SEC) on their legal desks is still in the spotlight of the crypto community in general, and the XRP community in particular.
Recently, the US Digital Chamber of Commerce or The Chamber of Digital Commerce reportedly started investigating the Ripple vs SEC case. For information, the Digital Chamber of Commerce is an influential trade association and advocacy group in the US. The Digital Chamber of Commerce is starting to investigate the SEC's lawsuit against Ripple Labs.
The information was disclosed by Ripple's attorney, Jeremy Hogan on September 11. He revealed that the US Digital Chamber of Commerce began investigating the Ripple SEC case.
He further hinted that the XRP community should expect something similar to what The Chamber did during Telegram messenger's legal feud with the SEC on an unregistered token offering case in 2021.
Furthermore, The Chamber argues that although the investment contract used to raise funds for digital assets is a security, the underlying digital asset itself is not a security.
"The hope is something similar to what was put forward in the Telegram case and the argument is that even though PENJUALAN XRP may be a security, the token is basically not a security," Hogan wrote in a Twitter post, September 11, 2022.
Launching Daily Coin, the Digital Chamber of Commerce is a non-profit association that promotes the acceptance and use of blockchain-based digital assets and technology. Founded in 2014, this is the world's largest trade association to advocate for a pro-growing policy environment that encourages innovation and investment in the digital asset economy.
In the ongoing Ripple (XRP) case, this is not the first time this influential organization has supported industry players in their legal confrontation with market watchdogs.
Similar to Telegram Case vs SEC
Back in 2020, a US district court granted a request from the SEC ordering Telegram to stop issuing its GRAM tokens and thus delaying the launch of an anticipated TON network in which GRAMS will be used.
Telegram raised $1.7 billion in 2018 selling 2.9 billion GRAM tokens to accredited investors with promises to send them when its Proof of Stake TON network will launch.
A few years later, the court ruled that early sales and distribution of the GRAM token was part of a larger scheme to distribute GRAM to secondary public markets in offering unregistered securities.
Shortly after, the Digital Chamber of Commerce filed an amicuscuree in an ongoing lawsuit. The document, which translates as a court friend of Latin, refers to a person or group who has a strong interest in the matter but is not a party to the case. The document also acts as a request for permission to influence court decisions.
Chamber then argued that while the investment contract used to raise funds for GRAM is a security, it does not indicate that the underlying digital asset itself is a security.
The famous lawsuit ended with a court decision for Telegram to return $1.2 billion to investors and pay a fine of $1.5 million to settle the SEC allegations. Telegram shut down its TON network project, as summarized by VOI from DailyCoin.
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