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HomeCrypto NewsMarketRipple Gets Two Companies Support Against SEC in One Week as Lawsuit Head in Ripple's Favor

Ripple Gets Two Companies Support Against SEC in One Week as Lawsuit Head in Ripple’s Favor


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Ripple has continued to get support in the ongoing lawsuit against the SEC.

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The Silicon Valley tech company partners have started showing interest in the case as the lawsuit against the Securities and Exchange Commission enters the summary judgment stage.

Last week, Philippines-based cross-border remittance company, I-Remit, requested permission to file an Amicus brief in support of the defendant’s summary judgment motion.

TapJets Wants to File an Amicus Brief: While the court and parties have yet to respond to the I-Remit request, another Ripple partner has also requested to file an amicus brief supporting the blockchain company.

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TapJets, a private jet charter company, has thrown its weight behind Ripple in the lawsuit, requesting to file an amicus brief that would prove that XRP is not a security.

It is noteworthy that XRP is among the payment options accepted by the Texas-based jet charter company.

“TapJets interest, in this case, is as a business that accepts cryptocurrency, including XRP, in exchange for its services as a fiat-currency substitute. For TapJets, the acceptance of XRP as payment for services is vital in some instances: TapJets refers to this as the Friday Night Problem,” an excerpt of TapJets request letter reads.

According to TapJets, it accepts XRP payments to circumvent the issues associated with the traditional banking system, which mostly occurs outside banking hours.

TapJets noted that its decision to add XRP as a payment method came after it conducted a Twitter poll in 2018, and most participants chose cryptocurrency.

“Over 57,000 votes were cast in the public forum directed at TapJets customers; 43% voted for XRP as a choice of digital currency to pay for their flights. As a result, TapJets has adopted XRP, invested in technology to accept, process, and account for this digital currency, and now has an interest in the outcome of this litigation,” TapJets added.

The company added that it fears losing customers if it loses the ability to continue accepting XRP as a payment method. Its business will suffer both financially and goodwill among XRP holders.

Meanwhile, the SEC and Ripple are yet to respond to the request. While it is expected that Ripple will consider the news a welcome development, the SEC will likely kick against it or make a demand that could further delay the lawsuit’s outcome.

Recall that the chamber of digital commerce also joined the lawsuit favoring ripple.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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