SEC opposes third parties seeking to prove utility of Ripple blockchain
The U.S. Securities and Exchange Commission (SEC) has filed motions against two companies seeking to present evidence in support of Ripple in the ongoing SEC v. Ripple lawsuit.
On September 30, money transfer company iRemit and airline company Tapjet motion to the courtAmycus Briefing. ” This process allows third parties to present information related to ongoing cases that may affect the court’s ruling.
I-Remit has defended Ripple, saying it has evidence proving that multiple companies are using XRP for cross-border payments rather than as a speculative asset. Tapjets added that its business operations will accept her XRP as an alternative to fiat currency.
SEC is recoil On October 4, I will oppose I-Remit and Tapjets requests to submit Amicus briefings. The panel said allowing the companies to submit evidence would violate the court’s prior order. I was refusing.
Given that both companies are expected to release information in support of Ripple’s lawsuit, the SEC argued that Ripple may have influenced the proposed evidence. According to the SEC:
There is no justifiable reason why the defendants, whose position the petitioners (I-Remit and Tapjets) expressly support, failed to present the facts that the petitioners are now trying to present.
The SEC added that the move by companies to defend Ripple comes from fears that their business would be hurt if the SEC wins.
early ripples
The court is preparing to issue final judgment as Ripple and the SEC have filed for summary judgment to avoid a longer trial. The court will render a verdict based on the evidence presented.
On September 30, Judge Annalize Torres ruled in Ripple’s favor after the SEC ordered the Hinman documents to be turned over to Ripple. This document is sufficient as Ripple prepares to make its final defense against the SEC.
