Several organizations are supporting Ripple Labs in the ongoing XRP $1.3 billion lawsuit filed by the US SEC. However, the SEC is not happy with it and has opposed the efforts made by the two organizations I-Remit and TapJets, to submit amici briefs to the court in support of Ripple Labs. The US regulator has barred these firms from providing evidence to Ripple without a court order. This indicates that the SEC is afraid of Ripple’s victory in the XRP lawsuit filed by them.
The SEC is against organizations that support Ripple Labs
Last week, I-Remit, a cross-border payments company in the Philippines, asked to act as amicus curiae in the ongoing case between the SEC and Ripple. I-Remit mentioned that they are interested in the outcome of this lawsuit because they are heavily dependent on Ripple’s ODL service, which now uses the XRP coin to facilitate cross-border payments.
Image source: Analytics Insight
I-Remit’s status as a “friend of the court” allows them to assist the court by providing reliable information or insights. The company said they have in-depth knowledge of Ripple’s ODL services and hope to assist the court in its decision.
Like I-Remit, TapJets, a private jet charter company, also filed for amicus curiae status to be a party to the court during the trial. The company’s main objective is to highlight the benefits of Ripple’s currency, XRP. The firm argued that it was because of XRP that people were able to quickly book flight tickets outside of normal banking hours.
SEC Response to I-Remit and TapJets
After the involvement of I-Remit and TapJets in court, the SEC fears the victory of Ripple in the XRP suit. So in return, these two companies confirm that Ripple has failed to properly explain how the distribution of XRP will prevent them from using it in their business to register the sale. The SEC added that Plaintiff Ripple did not find a valid or legal reason why these two companies failed to provide the facts they cited.
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