According to a tweet by defense attorney James Filan on Oct. 5, Ripple criticized the Securities and Exchange Commission (SEC) for its opposition to the Amicus briefs filed by I-Remit and TapJets.
#XRP community #SECGov v. #Ripple #XRP Ripple strongly condemns the SEC and the SEC’s opposition to I-Remit and TapJets’ counsel’s motions. “If the SEC cannot assess the credibility of such allegations, there was no business in bringing this lawsuit in the first place.” pic.twitter.com/MBACAZL01N
— James K. Filan 🇺🇸🇮🇪 118k (please be careful of impersonation) (@FilanLaw) October 5, 2022
According to the cryptocurrency company, there were no issues with the motions filed by I-Remit and TapJets. Because they provided an important perspective on whether the investor expects a return on his XRP investment.
Ripple added that the cases cited by the SEC were “inappropriate.” The rationale behind the Amicus Brief is “to assist courts and provide insights not available from parties (involved in litigation).”
“The SEC erroneously claims that all purchases of XRP are an ‘investment’ and the incontrovertible fact that all XRP purchasers expect to profit from Ripple’s efforts.” Accordingly, it sought summary judgment. These he two Amicus her briefs refute (or at least refute) on both points. If the SEC is unable to assess the credibility of such allegations, the SEC may
There is no business in filing this lawsuit in the first place. ”
Meanwhile, Judge Analise Torres ordered the SEC to turn over Director Hinman’s documents to Ripple. These documents help cryptocurrency companies defend themselves against the Commission.
XRP rises 3.6%
Ripple’s XRP is up 3.6% over the past 24 hours, continuing its impressive 30-day run, according to CryptoSlate data.
Over the past 7 days, XRP has traded as high as $0.503 before falling to its current level of $0.493.
Interest in XRP among cryptocurrency traders has turned bullish after the parent company has scored a string of victories against regulators. This created a belief within the ecosystem that the company might be able to beat the SEC.
On the other hand, Santiment data show Daily active addresses on the network fell from a peak of 215,640 recorded in August to about 25,000 on October 6.
