SEC Slams Ripple-Friendly Firms for Attempting to Help Defendants

In a motion-letter to Federal Judge Analisa Torres, the U.S. Securities and Exchange Commission asked the court to deny the requests of I-Remit Inc. and TapJets Inc. to file amicus briefs in support of the defendants’ motion for summary judgment in the Ripple case.

The SEC has slammed the movants for attempting to offer evidence that is outside of the constraints of discovery restrictions.

As reported by U.Today, I-Remit, a remittance company based in the Philippines, said that it was interested in the outcome of the lawsuit because of its heavy reliance on Ripple’s on-demand liquidity (ODL) solution, which uses the XRP token as its bridge currency. The company claimed that it had “deep knowledge” of the technology, and it expressed its desire to aid the court’s evaluation of the SEC’s arguments.

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TapJets, a private jet charter company, also stepped up to highlight XRP’s utility by asking the court to file an amicus brief. It argued that the usage of the XRP token, which makes it possible to make fast transfers, was central to its business model.

The SEC doesn’t see any valid reasons why the defendants could not have adduced the facts that have been put forward by the two firms.

Most importantly, the plaintiff says that the movants cannot actually explain how Ripple being required to register its XRP distribution would prevent them from using the token.

As reported by U.Today, Ripple and the SEC filed their motions for summary judgment last month, bringing the lawsuit closer to a much-awaited resolution.