The SEC attacks companies supporting Ripple as they fear Ripple’s ‘Gigantic Win’ in XRP Suit

Securities and Exchange Commission

In an effort to support Ripple in the protracted $1.3 billion XRP securities lawsuit, two companies, I-Remit and TapJets, attempted to file amici briefs with the court. The U.S. Securities and Exchange Commission (SEC) objected to their efforts.

The movers have come under fire from the regulator for attempting to present evidence that is outside the parameters of discovery laws and the court’s prior order.

The cross-border payments company I-Remit, which has its headquarters in the Philippines, asked to join the SEC vs. Ripple case last week. The case has been going on for almost two years.

In addition, I-Remit noted that because it depends on Ripple’s on-demand liquidity (ODL) service, which uses the XRP cryptocurrency to speed up cross-border settlements, it has a stake in the lawsuit’s outcome.

I-Remit is granted the right to assist the court by offering knowledge, experience, or insight thanks to its “friend of the court” status. The company claims to have extensive knowledge of ODL and wants to help the court evaluate the SEC’s claims.

TapJets additionally submitted a request for amicus curiae status. The private aviation company wants to emphasize XRP’s usefulness.

It claimed that XRP usage, which enables customers to swiftly book flights outside of banks’ typical business hours, is essential to its operations.

The SEC has responded by claiming that these two companies are unable to adequately explain how Ripple’s being required to register its XRP sales and distribution would prevent them from using cryptocurrency.

Additionally, the plaintiff cannot think of any good reason why Ripple couldn’t have presented the information that I-Remit and TapJets cited.


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