SEC wants to prevent I-Remit and TapJets from filing their amicus briefs
In a letter to Federal Judge Analisa Torres, the U.S. Securities and Exchange Commission (SEC) asked the court to deny the requests of I-Remit Inc. and TapJets Inc. to file amicus briefs to support the defendant’s motion for summary judgment in the Ripple case.
#XRPCommunity #SECGov v. #Ripple #XRP The SEC opposes the I-Remit and TapJets motions to file amicus briefs, claiming the proposed briefs are improper attempts to offer evidence outside the constraints of discovery restrictions, the rules of evidence and this Court’s prior order. pic.twitter.com/zbNQ1IsoOE
— James K. Filan 🇺🇸🇮🇪 118k (beware of imposters) (@FilanLaw) October 4, 2022
SEC Slams Ripple-Friendly Firms for Attempting to Help Defendants
The SEC has slammed the movants for attempting to offer evidence outside the constraints of discovery restrictions. I-Remit, a remittance company based in the Philippines, said it was interested in the lawsuit’s outcome 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 expressed its desire to aid the court’s evaluation of the SEC’s arguments.
TapJets, a private jet charter company, also highlighted XRP’s utility by asking the court to file an amicus brief. It argued that using 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 the two firms have put forward. Most importantly, the plaintiff says that the movants cannot explain how Ripple being required to register its XRP distribution would prevent them from using the token. Ripple and the SEC filed their motions for summary judgment last month, bringing the lawsuit closer to a much-awaited resolution.
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