U.S. lobby group Blockchain Association, along with other institutions and firms, have formally filed amici briefs to support Ripple Labs Inc. in the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple.

The Blockchain Association filed its amicus brief on Tuesday, saying: “The SEC’s extremely broad interpretation of the securities laws would have devastating effects on the industry (and even outside the industry).”

The Crypto Council for Innovation (CCI), an alliance of industry leaders, also filed an amicus brief on Tuesday in support of Ripple. “To date, the SEC has largely chosen enforcement over rulemaking as the way to regulate this evolving ecosystem,” CCI wrote in its filing.（By Timmy Shen）