Amicus Slams SEC Over Its Assertions

The crucial long running tussle between the US SEC and Ripple is currently in the Summary Judgement phase. However, new Amicus Curiae in the case has filed its briefs in the support of the Ripple and defendants in the XRP lawsuit.

Can new Amicus help the court in XRP lawsuit?

Earlier, Judge Analisa Torres gave out a ruling in the favor of Ripple in order to accept Amicus briefs from I-Remit and TapJets in the XRP lawsuit. One of these Amicus, I-Remit submitted its brief in support of the Defendants’ Motion for Summary.

I-Remit slammed SEC for its XRP lawsuit as the Commission has painted the ODL as an essential distraction. It is not the way XRP is used as the SEC has portrayed it. The Commission mentions that XRP is principally bought and sold as an investment carrier of ODL. However, the SEC is not concerned about ODL’s customers.

As the firm is an ODL user, it is very much interested in the result of this vital XRP lawsuit as its reliance is based on the token and ledger. However, it added that the firm holds broad knowledge of these technologies and it will help the court to evaluate the argument advanced by the SEC.

What is Ripple’s ODL?

In its brief I-Remit mentioned that it uses ‘RippleNet’ software product in order to transfer money. It is helping their customer to clear and settle cross border money transactions in several ways.

The brief added that out of many of those ways there is a software called On Demand Liquidity (ODL). This uses Ripple’s native token XRP which runs on the XRP Ledger. This ledger is open source and not owned by Ripple.

Meanwhile, Eleanor Terrett, a Fox Business Journalist in a tweet revealed that three more XRP advocates would file for Amicus Briefs in the support of Ripple ahead.

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