July 24, 2024

SEC Opposes Motions to File Amicus Briefs in XRP Lawsuit

The U.S. Securities and Exchange Commission (SEC) has opposed the motions filed by the two amicus curiae in SEC vs. XRP case, SEC stated that a global payment remittance I-Remit and a private jet charter and aircraft management company TapJets have proposed briefs that are unsuitable attempts to offer evidence outside the constraints of discovery restrictions.

Defense lawyer, James K. Filan shared on Twitter:

#XRPCommunity #SECGov v. #Ripple #XRP The SEC opposes the I-Remit and TapJets motions to file amicus briefs, claiming the proposed briefs are improper attempts to offer evidence outside the constraints of discovery restrictions, the rules of evidence and this Court’s prior order.

— James K. Filan 🇺🇸🇮🇪 118k (beware of imposters) (@FilanLaw) October 4, 2022

According to the filings by the SEC, the regulator accuses that the movants proposed offerings to their briefs without any evidence supporting their use of XRP. SEC further added that I-Remit claims to offer living proof that many companies use XRP for cross-border fund transfers. It further professes that it does not use XRP to speculate on it or consider it as an investment since it is prone to fluctuation.

On the other hand, TapJets proclaims that it would lose significant income if they stop accepting XRP as a fiat currency substitute.

CryptoLaw founder John Deaton, who is also an amicus curiae in the XRP vs. SEC lawsuit, responded to Filan’s tweet:

This objection is called, we don’t want the judge to consider the truth. Time magazine and thousands of others accept XRP and other cryptos as payment and do not consider it an investment when they accept it. This is the truth. The SEC wants to keep the truth from the judge.

Next, SEC and XRP will come together on October 18 to file all materials relating to opposition to the summary judgment motions that are currently under seal, including briefs.