SEC Criticizes Ripple-Friendly Businesses Attempting to Assist Defendants
The U.S. Securities and Exchange Commission requested Federal Judge Analisa Torres to reject I-Remit Inc. and TapJets Inc.’s petitions to write amicus briefs in support of the defendants move for summary judgement in the Ripple case.
The SEC has criticized the movers for seeking to provide material beyond the scope of discovery limitations.
According to U.Today, Philippine-based remittance business I-Remit expressed interest in the result of the litigation due to its substantial dependence on Ripple’s on-demand liquidity (ODL) technology, which utilizes the XRP token as its bridge currency. The corporation said that it has “extensive expertise” in the technology and wants to assist the court in evaluating the SEC’s claims.
TapJets, a private jet charter firm, has asked the court to write an amicus brief to demonstrate XRP’s value. It said that the use of the XRP cryptocurrency, which enables quick transfers, was fundamental to its business strategy.
The SEC sees no reasonable reasons why the defendants could not have presented the information presented by the two companies.
Importantly, the plaintiff asserts that the respondents are unable to explain how Ripple’s need to register its XRP distribution will preclude them from utilizing the coin.
According to U.Today, Ripple and the SEC submitted their applications for summary judgement last month, bringing the long-awaited litigation closer to a conclusion.