Ripple and Coinbase find a new ally against SEC in the form of a lobbying group

Ripple and the Securities and Exchange Commission (SEC) have been in a legal battle for more than a few years now, and the defendant is now beginning to find allies. Ripple was recently joined by Coinbase, which is also battling the SEC and is now finding the support of the Chamber of Commerce.

The US Chamber of Commerce supports Ripple and crypto

Ripple, at the time of writing, is inching closer to a resolution as the lawsuit filed by the SEC back in December 2020 is set to conclude. Investors eagerly await the summary judgment from Judge Torres as anticipation builds.

While at the same time, Coinbase also fired back at the regulatory body for its delayed response regarding the securities rules and whether they were applicable to cryptocurrencies as well.

But while these two entities might be powerful, they still aren't the most powerful companies in the market. This lack of impact can be covered by the support of the Chamber of Commerce (CoC). The CoC is the largest lobbying group in the United States, acting as a highly influential organization representing companies in all industries across the US– not just crypto.

The same filed a brief this week in the Coinbase vs. SEC case, stating that the regulatory body has been acting "unlawfully" in the crypto market. The barrage of regulatory crackdowns that took place over the last few weeks is the reference made by the CoC. In its brief, the lobbying group stated,

"As it stands today, nobody knows for certain which digital assets, if any, are 'securities' under federal law."

Additionally, Coinbase's newest supporter made three crucial arguments, as noted by lawyer MetaLawMan. These include:-

1. Regulatory uncertainty is killing innovation in the US.
2. The SEC is destabilizing the digital assets regulatory environment.
3. The SEC is violating Constitutional Due Process and Fair Notice rights.  

Cypto now has a powerful list of supporters, which is important since CoC is the most influential business organization. This could also end up being a table-turner for the case since the court would consider the points made by the Chamber.

As a result, not only have Ripple's chances of washing out SEC risen, it could also impact the token positively. Since Ripple has been defending itself against the regulatory body for such a long time, it has become immune to any negative impact.

However, support from the biggest business organization in the United States could actually help Judge Torres lean toward the crypto company. Consequently, this could also push the cryptocurrency's trading price, which is following the broader market cues for now.

Trading at $0.42, XRP price is still far away from the year-to-date high of $0.51. The coin noted a near 16% crash on May 11 before rising back up and closing at $0.42.

XRP/USD 1-day chart

This could change, and the altcoin could rise provided the community supports the cryptocurrency, as pro-XRP lawyer John Deaton suggests,

"#XRPHolders were the first to call out the gross overreach by the SEC but clearly we aren't the last. Over two years ago we said don't be fooled that this will stop with #XRP. Even when the government's gross overreach is against a project you dislike you must stand against it. (sic)