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Cryptoknowmics 2022-10-06 14:35:02

Ripple Slams SEC’s Opposition To Brief Motions In XRP Lawsuit

Ripple Labs has slammed the U.S. Securities and Exchange Commission’s opposition to motions from two firms that had requested to file amicus briefs in support of Ripple in the lawsuit that the SEC filed in 2020 against Ripple. As previously reported, the SEC sought Federal Judge Analisa Torres’ denial of requests of TapJets Inc. and I-Remit Inc. to submit briefs in support of Ripple’s applications for a summary. SEC’s Opposition in XRP Lawsuit Each company contended that XRP was essential to its unique business strategy in its letter motions. While the Filipino remittance provider I-Remit significantly relies on the on-demand liquidity (ODL) service provided by Ripple, TapJets also needs XRP to book charter flights around the clock instantly. According to the SEC, the defendants must have introduced the evidence from the two Ripple-friendly businesses. The movers have come under fire from the SEC for trying to provide material beyond the parameters of discovery rules. Furthermore, neither TapJets nor I-Remit clarified how their use of the XRP token is influenced by the conclusion of the ongoing legal dispute. The SEC cannot think of any good arguments why the defendants couldn’t have introduced the evidence that the two firms have presented. Ripple Slams SEC In its letter, Ripple emphasized that both businesses are independent, unaffiliated third parties who are not involved in the legal dispute. It accused the SEC of “mischar...

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