Saturday, December 3, 2022
HomeCrypto NewsMarketSpendTheBits Says Bitcoin Transactions on XRPL Take 5 Sec As It Declares...

SpendTheBits Says Bitcoin Transactions on XRPL Take 5 Sec As It Declares Support for Ripple In SEC Lawsuit

- Advertisement -
Follow-Us-On-Google-News

 

Another third party has requested leave to file an amicus brief supporting Ripple.


SpendTheBits Requests to File Amicus Brief in Support of Ripple Against SEC.

SpendTheBit, an XRPL-based payment solution used for cheap and fast crypto transactions, is the latest third party to request to file an amicus curiae brief in the Ripple vs. SEC lawsuit.

The company noted that its brief differs from those filed by other amici, such as TapJets and I-Remit. While I-Remit and TapJets use XRP as a payment method via the On-Demand Liquidity solution, SpendTheBits is a private company that developed an application that uses XRP Ledger and XRP for transferring Bitcoin.

The payment solution noted that its amicus brief would provide the court with meaningful information about the case. The development comes after the court granted I-Remit and TapJets’ request for leave to file amicus briefs.

SpendTheBits’ Interest in the Case

Aside from using Ripple’s solution, SpendTheBits noted that its major interest in the lawsuit is to disprove the SEC’s claim that XRP investors cannot develop any use for the token without Ripple’s effort.

SpendTheBits described the claim as untrue because its payment solution was built on the Ripple blockchain without Ripple’s knowledge and consent. 

Jay Kambo, the founder and CEO of SpendTheBits said he tapped Ripple to enable people to quickly transfer Bitcoin and other cryptocurrencies for peer-to-peer payments in five seconds.

“This application creates a utility for XRP without Ripple even knowing it exists. The underlying technology of XRP provides a vast amount of utility without the permission or knowledge of Ripple.

Transferring Bitcoin on a bitcoin network can take anywhere from ten minutes to one hour, depending on the network traffic. WithSpendTheBits, it takes three to five seconds to complete the transaction on the XRPL.”

SpendTheBits noted that it initially planned to launch the payment solution in the United States. However, the lack of regulatory clarity in the U.S. and the ongoing lawsuit has halted that plan, SpendTheBits noted, adding: 

“Clearly, SpendTheBits’ interests have been impacted by this lawsuit already, but without making a distinction between particular sales involving the individual defendants and XRP in the secondary market, the SEC is threatening the viability of SpendTheBits.” 

- Advertisement -
Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

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.

- Advertisment -

Recent News & Articles

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.