The U.S. Securities and Exchange Commission requested Federal Judge Analisa Torres to deny I-Remit Inc. and TapJets Inc.’s petitions to file amicus briefs supporting the defendants’ move for summary judgement in the Ripple case.
The SEC has criticised the movers for seeking to provide material beyond the scope of discovery limitations.
Ripple. Source: Coinpedia
Philippines-based remittance business I-Remit expressed interest in the result of the litigation due to its substantial dependence on Ripple’s on-demand liquidity technology, which uses the XRP token as its bridge currency. The corporation said that it has extensive expertise in the technology and wants to assist the court in evaluating the SEC’s claims.
TapJets, a private jet charter firm, has asked the court to write an amicus brief to demonstrate XRP’s value. It asserted that using the XRP cryptocurrency, which enables quick transfers, was fundamental to its business strategy.
The SEC sees no reasonable reasons why the defendants could not have presented the information presented by the two companies.
The plaintiff asserts that the respondents cannot explain how Ripple’s need to register its XRP distribution will preclude them via the coin.
Ripple and the SEC submitted their applications for summary judgement last month, bringing the long-awaited litigation closer to a conclusion.