Ripple Labs has spoken against the U.S. Securities and Exchange Commission’s opposition to motions from two firms that had requested to file amicus briefs in support of Ripple, in the lawsuit that the SEC filed in 2020 against Ripple.
See related article: SEC opposes motions from two firms seeking to back Ripple in XRP lawsuit
Fast facts
- Ripple said in a response letter submitted on Wednesday that the SEC “mischaracterizes both the briefs and the law.”
- “I-Remit and TapJets are independent third parties, otherwise unconnected with this litigation,” Ripple wrote. “They provide the court with information concerning their business operations and industries to support their perspectives. There is nothing wrong with that.”
- The SEC said on Tuesday that it opposed both motions from I-Remit, a global payment remittance firm, and TapJets, a private jet charter and aircraft management company, to file amicus briefs, adding that these are improper attempts to offer evidence outside the constraints of discovery restrictions and the rules of evidence.
- An amicus brief (short for amicus curiae briefs) is filed by an individual or organization that is not a party to a case but would petition the court for permission to submit a brief intended to influence the court’s decision.
- 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.
See related article: SEC, Ripple seek summary judgment in attempt to speed up XRP lawsuit