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Cryptillian Says It Has No Relationship With Ripple, But Will Defend Them Against SEC

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Cryptillian Payment Systems has requested to file an amicus brief supporting Ripple.


The number of enterprises requesting to file amicus briefs in support of Ripple in the company’s lawsuit against the Securities and Exchange Commission has continued to gain momentum. Cryptillian Payment Systems, an online digital wallet service, is the latest company seeking to file an amicus curiae brief supporting Ripple’s opposition to the SEC’s summary judgment motion. 

Cryptillian Disproves SEC’s Claims

Although Cryptillian has no direct partnership with Ripple, the online digital wallet service noted that its interest in the suit stems from the fact that XRP is one of its supported crypto assets.

“Cryptillian is a non-affiliated party and has no financial or otherwise relationship with the defendants.”

According to Cryptillian, it allows its customers to store and transfer six digital tokens including XRP. According to Cryptillian said it has invested significant financial resources money and time to integrate the processing of XRP transactions using Ripple’s XRP Ledger (XRPL). Cryptillian added that it has been using XRPL to process XRP transactions for its clients without the defendant’s knowledge or assistance.

The online digital wallet service disproved the SEC’s claim that all XRP transfers violate the Securities and Exchange act of 1934. Per Cryptillian, it has processed tens of thousands of XRP transactions since September 2021. 

The Company’s Position on the Matter

Cryptillian said a win for the SEC in the lawsuit would hamper its business and make users of its services violators of the 1934 Securities and Exchange Act.

“Cryptillian respectfully requests that the Court exercise its discretion to grant leave to file the proposed brief because Cryptillian has a unique perspective to share with the Court that will aid the Court in resolving the cross-motions for summary judgment,” an excerpt of the motion read. 

The company also promised to provide the court with data showing Americans’ daily use of cryptos, which are unrelated to securities activities. 

“Cryptillian is uniquely positioned to offer the Court real world data on the use of Crypto on a daily basis, by average Americans and non-online retail and service establishments, again in a manner that does not involve-or inconsistent with-Securities related activities”

Cryptillian further said:

“The SEC will have a full and fair opportunity to respond to Cryptillian’s amicus brief in its Reply, which is currently due on November 15, 2022, and will suffer no prejudice if this request for relief is granted,” Cryptillian added. 

Reason Behind the Numerous Amicus Briefs

Meanwhile, the number of companies pledging support for Ripple against the SEC has continued to increase. Attorney Jeremy Hogan noted that numerous amicus curiae briefs have been filed in a trial-level case like the SEC vs. Ripple suit because Judge Torres understands the complexity of the matter

“The Judge’s liberal allowance of Amicus Briefs in this trial level case would suggest that she understands that the issues involved are complicated, novel and that the ruling will affect a large group of people and/or industry,” attorney Hogan said.

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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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