The U.S. Securities and Exchange Commission (SEC) has objected to motions from two firms that had requested to file amicus briefs in support of Ripple Labs Inc., in the lawsuit that the SEC filed in 2020 against Ripple.
See related article: Two firms seek to weigh in on XRP lawsuit between SEC, Ripple
Fast facts
- SEC said in a response submitted on Tuesday that it opposed both motions from I-Remit Inc., a global payment remittance firm, and TapJets Inc., a private jet charter and aircraft management company, to weigh in on the case.
- An amicus brief (short for amicus curiae briefs) is filed by a person or organization that isn’t a party to a case but would petition the court for permission to submit a brief intending to influence the court’s decision.
- The SEC said the two firms’ proposed briefs are improper attempts to offer evidence outside the constraints of discovery restrictions and the rules of evidence.
- In December 2020, the SEC filed a lawsuit against Ripple and its executives, alleging that the sale of XRP — the native token of XRP Ledger that powers Ripple’s payment network — constituted an offering of unregistered securities worth over US$1.38 billion.
- I-Remit wrote in its proposed amicus brief that it does not use XRP “to speculate on it” nor does it consider XRP to be an investment, while TapJets wrote that its acceptance of XRP as payment in exchange for its services is vital.
- Last month, the court granted cryptocurrency lobby group Chamber of Digital Commerce to be an amicus curiae in the case.
See related article: SEC, Ripple seek summary judgment in attempt to speed up XRP lawsuit
