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TapJets and I-Remit Can Now Officially File Amicus Briefs In Lawsuit Supporting Ripple Against SEC

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Judge Torres finally granted the firms’ requests to file amicus briefs in the lawsuit.


Judge Analisa Torres has approved I-Remit and TapJets’ requests for leave to file amicus curiae briefs in the Ripple vs. SEC lawsuit. The development comes after the Judge thoroughly reviewed the third parties’ requests to file amicus briefs alongside the parties’ reply.

“The Court has reviewed the requests by I-Remit Inc. and TapJets Inc. for leave to file amicus curiae briefs dated September 30, 2022, and the parties’ letters dated October 4, 2022, and October 5, 2022. Accordingly, the requests are granted,” an excerpt of the ruling read.

Following the approval, both TapJets and I-Remit must officially file their amicus briefs by October 14, 2022. In addition, the third parties are mandated to ensure that their briefs comply with the requirements outlined in Section III.D of the court’s practices in civil cases.

The development was shared by James K. Filan, a former federal prosecutor. 

Individual Third Parties’ Interest in the Suit

Recall that both TapJets, a private jet charter company, and I-Remit, a Philippine-based settlement company, requested to file amicus briefs supporting Ripple

The companies noted that their interest in the case stems from their use of Ripple solutions, which could see the lawsuit’s outcome impacting their business operations.

I-Remit uses Ripple’s On-Demand Liquidity (ODL) solution for cross-border settlements. On the other hand, TapJets accepts XRP as a payment method for its services, which it uses to solve the “Friday Night Problem.” 

SEC and Ripple’s Replies 

While the companies declared interest in the lawsuit due to their adoption of Ripple’s solution, the SEC kicked against their involvement in the case.

The Securities and Exchange Commission said it would be prejudiced by its inability to verify the claims of the third parties. As a result, the SEC asked the court not to grant their requests to file amicus briefs.

Responding to the SEC’s objection, Ripple said the agency should not have started the lawsuit if it could not evaluate independent third-party claims.

“Nothing could be more to the point than these two amicus briefs refuting (or at least disputing) both [claims that the SEC made about XRP purchase],” Ripple added.

Following Ripple’s backing, Judge Torres granted TapJets and I-Remit’s requests to file amicus briefs in support of the blockchain company.

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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