Former United States prosecutor James K. Filan, who has been carefully watching the Securities and Exchange Commission’s (SEC) lawsuit against Ripple, revealed earlier today in a tweet that I-Remit has formally submitted its amicus brief in favor of the Ripple defendants’ motion for summary judgment.
This comes after Judge Analisa Torres granted permission for I-Remit and Tapjet to write amicus papers in support of Ripple Labs in the current case between the SEC and XRP.
I-Remit, a company that facilitates money transfers, and Tapjets, a company that manufactures airplanes, addressed the United States District Court previously on September 30, asking permission to submit an amicus brief. On the other hand, the SEC took action to reject their request on the grounds that Ripple could have influenced the particulars of the brief.
As part of the application process, third parties will be required to provide proof that demonstrates how XRP might be useful in their operational procedures.
I-Remit highlights that Ripple’s ODL service, which employs XRP as a bridge currency in the process of processing remittances, does not include any kind of speculation in the document that has been made publicly available. Although, it claims that the SEC, in an effort to portray XRP as a security, has entirely disregarded ODL consumers and minimized the significance of the service in XRP’s application. This is something that the report claims occurred.
In their words:
“The SEC’s contention that XRP is an “investment” subject to the Securities Act is not accurate in light of U.S. Supreme Court precedent that defines that term. The way in which entities like I- Remit use XRP on a daily basis undermines the SEC’s theory of the case.” It added that “I-Remit respectfully urges the Court to grant Ripple’s Motion for Summary Judgment and end the SEC’s effort to expand its scope of regulatory authority.”
