Monday, November 28, 2022

Ripple Says SEC is Wrong to Oppose Amicus Briefs from Two Firms

The United States Securities and Exchange Commission SEC recently opposed the moves of two Ripple-friendly firms to enter as Amicus Curiae in the ongoing SEC vs Ripple lawsuit. However, the crypto firm has hit back at the regulator.

SEC Asks Court To Deny Amicus Briefs

The two firms — TapJets Inc. and I-Remit Inc., are drumming support for Ripple following its motion for summary judgement in the case. According to them, Ripple’s XRP is a huge part of their businesses. I-Remit on one hand says it relies on Ripple’s on-demand liquidity (ODL) solution, while Tapjets says it uses XRP in booking its round-the-clock charter flights.

Following their claims, however, the SEC asked Federal Judge Analisa Torres to dismiss their proposals. According to the SEC, the defendants —Ripple, Brad Garlinghouse, and Chris Larsen, should be the ones stating the facts as evidence. SEC also argues that the two firms have also failed to establish how the outcome of the ongoing case affects their usage of the XRP token.  

Ripple Fires Back

Meanwhile, Ripple has fired back at the SEC with claims that the regulator is simply misinterpreting the briefs. In its argument, it insists that both companies have no part in the litigation and are mere independent third parties. 

The defendants also noted that the briefs may cause the SEC to lose its major point of argument that every purchase of XRP was seen as an investment. However, Ripple insists the briefs are well in order and admits they could cause the entire case to turn on its head.

Ripple also remarked that the SEC had no business bringing up the litigation in the first place if it cannot evaluate the veracity of the claims. In September, both parties filed motions for summary judgment, signaling that the case might be nearing its end.

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