SEC opposes motions from two firms seeking to back Ripple

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The U.S. Securities and Trade Fee (SEC) has objected to motions from two companies that had requested to file amicus briefs in help of Ripple Labs Inc., within the lawsuit that the SEC filed in 2020 towards Ripple.

See associated article: Two firms seek to weigh in on XRP lawsuit between SEC, Ripple

Quick info

  • SEC said in a response submitted on Tuesday that it opposed each motions from I-Remit Inc., a worldwide cost remittance agency, and TapJets Inc., a personal jet constitution and plane administration firm, to weigh in on the case.
  • An amicus brief (brief for amicus curiae briefs) is filed by an individual or group that isn’t a celebration to a case however would petition the court docket for permission to submit a quick desiring to affect the court docket’s determination.
  • The SEC mentioned the 2 companies’ proposed briefs are improper makes an attempt to supply proof exterior the constraints of discovery restrictions and the principles of proof.
  • In December 2020, the SEC filed a lawsuit towards Ripple and its executives, alleging that the sale of XRP — the native token of XRP Ledger that powers Ripple’s cost community — constituted an providing of unregistered securities price over US$1.38 billion.
  • I-Remit wrote in its proposed amicus brief that it doesn’t use XRP “to invest on it” nor does it think about XRP to be an funding, whereas TapJets wrote that its acceptance of XRP as cost in alternate for its providers is significant.
  • Final month, the court docket granted cryptocurrency foyer group Chamber of Digital Commerce to be an amicus curiae within the case.

See associated article: SEC, Ripple seek summary judgment in attempt to speed up XRP lawsuit

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