TapJets files an amicus brief in support of Ripple’s summary judgment motion.
Days after Judge Analisa Torres approved its request, TapJets, a private jet charter company, officially filed its amicus curiae brief supporting Ripple’s summary judgment motion against the SEC.
Call to Preserve XRP Use As a Fiat Alternative
TapJets noted in the brief that its interest in the case is to preserve the use of XRP as an alternative to fiat, especially when the traditional banking system fails to function effectively or goes out of service during weekends.
The company said it started accepting XRP payments to navigate the complex process of booking private jet travel. Under the current system, TapJets users can instantly book private jet travel via innovative solutions – cryptocurrencies.
TapJets describes the delay it takes the traditional banking system to process wire transfers during weekends and late hours on weekdays as “the Friday Night Problem.”
“TapJets calls this the ‘Friday Night Problem’ because the limitations in fiat currency and the banking system become most problematic when a traveler wishes to book weekend travel, such as on Friday night,” the company stated.
According to TapJets, XRP and other cryptocurrencies proffered solutions to the so-called Friday Night Problem.
“XRP offered travelers the ability to pay for the air travel instantly, solving the Friday Night Problem,” TapJets said.
XRP Is A Trusted Form of Payment, TapJets Says
TapJets describes XRP as a time-proven and trusted payment method that many of its customers prefer; as shown in a 2018 Twitter poll, 43% of the respondents favored XRP over others.
“TapJets’ Twitter Poll received a total of 57,054 votes while the poll was live, with an overwhelming majority, 43.9% of the votes, or 25,046 unique, recorded votes, in favor of XRP,” the company added.
The company said XRP is fast, safe, and secure, adding that it trusts the cryptocurrency’s stability to be used as a form of payment for high-dollar transactions.
SEC Lawsuit Against Ripple Effect on TapJets Business
It is noteworthy that TapJets was also forced to suspend its acceptance of XRP payments on March 31, 2021, due to the SEC’s litigation against Ripple.
TapJets added that if U.S.-based cryptocurrency exchanges and other companies are not allowed to reinstate XRP after the lawsuit, it will suffer significant losses. This is because it has invested heavily in technologies that enabled its acceptance of XRP payments.
Based on its projections, TapJets believes XRP payments will allow more customers to book flight travels with cryptocurrency, thus boosting revenue.
However, the SEC lawsuit against Ripple has affected its revenue. The company declared that it only accepted XRP payments as an alternative to fiat and not as an investment vehicle.
Accordingly, TapJets does not expect profit via its acceptance of XRP, as asserted by the Securities and Exchange Commission.
Meanwhile, I-Remit has also filed its amicus curiae brief supporting Ripple.
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