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
- SEC said in a response submitted on Tuesday that it opposed each motions from I-Remit Inc., a worldwide fee remittance agency, and TapJets Inc., a non-public 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 courtroom for permission to submit a short aspiring to affect the courtroom’s choice.
- The SEC mentioned the 2 companies’ proposed briefs are improper makes an attempt to supply proof exterior the constraints of discovery restrictions and the foundations 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 fee community — constituted an providing of unregistered securities value 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 fee in trade for its providers is important.
- Final month, the courtroom 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