SEC Gets Move From Ripple When Opposing Amicus Briefs From Two Firms

Ripple Labs has spoken out against the Securities and Exchange Commission’s objection to motions from two businesses seeking to write amicus briefs in support of Ripple in the SEC’s 2020 case against Ripple.

In a response letter sent on Wednesday, Ripple stated that the SEC mischaracterizes both the briefs and the law. Ripple wrote:

“I-Remit and TapJets are independent third parties, otherwise unconnected with this litigation. They provide the court with information concerning their business operations and industries to support their perspectives. There is nothing wrong with that.”

The defendants contend that the filings in question might be used to rebut the agency’s talking points about every XRP purchase being an investment. Ripple found that if the SEC is unable of analyzing the credibility of such claims, it should not have initiated the litigation in the first place.

The SEC said on Tuesday that it opposes both motions to file amicus briefs from I-Remit, a global payment remittance firm, and TapJets, a private jet charter, and aircraft management company, claiming that these are improper attempts to offer evidence outside the constraints of discovery restrictions and evidence rules.

An amicus (amicus curiae briefs) brief is submitted by a person or group that is not a party to a lawsuit but would like to petition the court for permission to submit a brief intended to influence the court’s judgment.

It seems that the matter between the SEC and Ripple is still unresolved, last month, both Ripple and the SEC submitted their motions for summary judgment, bringing the case much closer to the finish line.

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