Several firms are supporting Ripple Labs in the ongoing XRP 1.3 billion dollar lawsuit filed by US SEC. However, SEC is not happy with it and has opposed the efforts made by the two firms, I-Remit and TapJets, to submit the amici briefs to the court in support of Ripple Labs. The US regulator has also restricted these firms from providing evidence to Ripple outside the court proper’s order. This indicates that the SEC fears Ripple’s win in the XRP suit filed by them.
SEC opposes firms supporting Ripple Labs
Last week, I-Remit, the Philippines’s cross-border payment company, requested to indulge in the ongoing case between SEC and Ripple as an amicus curiae. I-Remit mentioned that they are interested in the outcome of this lawsuit because they are highly dependent on Ripple ODL’s service, which uses XRP coin to facilitate cross-border payment settlements right now.
The I-Remit status of being a “friend of the court” allows them to assist the court by providing reliable information or insights. The company also claimed they have a deep knowledge of the ODL service of Ripple and hopes to assist the court on the decision of the lawsuit.
Like I-Remit, TapJets, a private jet charter company, also applied for an amicus curiae status to become a part of the court during the lawsuit. The company’s primary aim is to highlight the utility of the Ripple currency XRP. The firm also argued that it’s because of the XRP that people are able to book flight tickets speedily outside the normal bank working hours right now.
SEC response to I-Remit and TapJets
After the involvement of I-Remit and TapJets in the court, SEC fears Ripple’s win in the XRP suit. Therefore in response, it asserts that these two firms could not properly explain how Ripple being directed to register its sales, as well as distribution of XRP, would hinder them from using it in their business. The SEC added that the plaintiff did not find any valid or legal reason why Ripple could not have put forward the facts that these two firms cited.
What are your thoughts on the ongoing XRP lawsuit between Ripple and SEC? Are you in favor of Ripple Labs or the US SEC? Let us know in the comments below. And, if you found our content informative, do share it with your family and friends.
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