The U.S. Securities and Exchange Commission (SEC) has received support from sports investing group New Sports Economy Institute (NSEI), which submitted its amicus brief on Friday to weigh in on the ongoing lawsuit between the SEC and Ripple Labs Inc.

NSEI wrote in its amicus brief that cryptocurrency is like “a chameleon engaging in regulatory arbitrage, branding itself as an asset when it wants to attract capital and appeal to ‘investors’, but a currency when it faces regulatory scrutiny.”

In December 2020, the SEC filed a lawsuit against Ripple and its executives, alleging the sale of XRP constituted an offering of unregistered securities worth over US$1.38 billion.

An amicus brief is typically submitted by an individual or organization that is not a party to a case but intended to influence the court’s decision. Last week, U.S. lobby groups Blockchain Association and Crypto Council for Innovation formally filed their amici briefs to support Ripple.