With regard to the current legal dispute between Ripple and two corporations, the United States Securities and Exchange Commission (SEC) has expressed concern.
I-Remit Inc., a money transfer business, and Tapjets Inc., an aviation business, submitted an application on September 30 requesting the court to let them to take part. Through this procedure, a third party is given the opportunity to disclose information about an ongoing case that may have an impact on the court’s decision.
I-Remit asserted that it had proof that various businesses utilize XRP for cross-border payments and not as a speculative asset in order to defend Ripple. Tapjets said that XRP is accepted as payment for services provided by its firm in place of fiat money.
In opposition to I-Remit and Tapjets’ request to submit their amicus curiae brief, the SEC has submitted a counter motion. The SEC claims that the corporations’ decision to support Ripple is motivated by worries that their operations may be jeopardized if the SEC prevails in the litigation.
Given both Ripple and the SEC have asked for summary judgment in order to shorten the trial, the court is getting ready to announce its decision. Based on the evidence at hand, the court will reach its decision.
