InvestReady (Accredify), formerly Accredify, a company that makes it easy to verify online investor eligibility for stock investments, has applied to the court for permission to file an amicus curia brief in support of the US Securities and Exchange’s motion Commission to submit summary judgment. In its proposed briefing, InvestReady says that the arguments being made by Ripple are “a house of cards falling faster than Luna’s price,” given the recent. FTX disaster. InvestReady insists that the XRP cryptocurrency is a security because a centralized entity operates it.
He also argues that Ripple’s fair-notice defense should be denied as other companies complied with securities laws, but Ripple chose to ignore them. The letter argues for broadening the definition of accredited investors as there is a “growing desire” on the part of the public to get involved in early-stage securities. Notably, the company also believes that the SEC needs to work with the Commodity Futures Trading Commission (CFTC) to create a path toward decentralization and token commodification. It defines minimal decentralization as the loss of control over the delivery of the token. InvestReady has said it has “no relationship” with the parties to the lawsuit.