SEC Hits Back at the Companies Seeking to File ‘Amicus Briefs’ in Support of Ripple

US Securities and Exchange Commission, SEC hits back at companies seeking to file amicus briefs with the court.

On 30th September, TapJet, a private jet charter company, and I-Remit, a global payment remittance company, requested the US District-Court to allow them to file amicus briefs.

In support of Ripple’s defence TapJet stated that while the court issues summary judgment on the suit, it should consider that “For TapJets, the acceptance of XRP as payment for services is vital.” Meanwhile, remittance company I-Remit also shared a similar sentiment, letting the court know that because they use Ripple’s RippleNet, the negative summary judgment may affect the company adversely.

#XRPCommunity #SECGov v. #Ripple #XRP TapJets, a private jet charter company, requests to file an amicus brief in support of Ripple. TapJets accepts XRP in exchange for its services. “For TapJets, the acceptance of XRP as payment for services is vital.” https://t.co/8BgOJK0USp

— James K. Filan 🇺🇸🇮🇪 118k (beware of imposters) (@FilanLaw) September 30, 2022

It is clear that requests to file amicus briefs from TapJet and I-Remit, both are filed with the view that it may assist the court in understanding the far-reaching consequences of the summary judgment.

Yesterday, however, the SEC responded to the motions. The SEC stated that companies’ requests to file amicus briefs are improper as they are ‘outside the constraints of discovery restrictions, the rules of evidence and this Court’s prior order’.

#XRPCommunity #SECGov v. #Ripple #XRP The SEC opposes the I-Remit and TapJets motions to file amicus briefs, claiming the proposed briefs are improper attempts to offer evidence outside the constraints of discovery restrictions, the rules of evidence and this Court’s prior order. pic.twitter.com/zbNQ1IsoOE

— James K. Filan 🇺🇸🇮🇪 118k (beware of imposters) (@FilanLaw) October 4, 2022

It is notable that the court has already granted, lawyer John E. Deaton the status of amici curiae, the friend of the court. Deaton represents 67,000 XRP holders in the lawsuit. His argument is that the court must consider, while deciding the case, the impact of it on ordinary investors.

It is to be remembered that both the parties, SEC and Ripple, filed motions for Summary judgment on September  18th. With that, analysts believe that the lawsuit is finally nearing its end.

Further, how the case is decided by the court will have a very profound effect on not only the crypto market but also on the SEC. Particularly for the crypto market, if the court rules in favour of Ripple, it would potentially save the market participants from further litigation with the SEC.