These Two Companies Give Support For Ripple In Their Competition With The US Securities And Exchange Commission (SEC)

JAKARTA In the midst of a feud between the US Securities and Exchange Commission (SEC) with Ripple Labs, two companies emerged trying to present evidence to support Ripple. The SEC objected to the support from I-Remit Inc. and Tapjets Inc. for Ripple.

I-Remit itself is a remittance company, while Tapjets is an aircraft company. Both are compact in providing support for Ripple. The two companies filed a motion for the court to allow them to submit an amicus briefing on September 30.

Reported by CryptoSlate, this process allows third parties to present information related to ongoing cases that could affect court decisions.

In defending Ripple, I-Remit said it has evidence to show that some companies use XRP for cross-border payments and not as speculative assets. Tapjets added that its business operations accept XRP as a substitute for fiat currencies.

The SEC Against I-Remitt and Tapjets Actions

The SEC filed a counter-motion on October 4 against requests from I-Remit and Tapjets to submit their amicus briefing. The commission said allowing companies to offer evidence would be a violation of previous court orders. The court previously refused to allow third parties after Ripple's summary judging filing.

Given that the company is expected to release information to support the Ripple case, the SEC alleges that Ripple may have affected proposed evidence.

"There is no valid reason why the defendant, whose position is firmly supported by the movers (I-Remit and Tapjets), cannot add to the facts the movers now want to submit," according to the SEC.

Furthermore, the SEC considers that the company's move to defend Ripple stems from fears that their business will be damaged if the SEC wins this case. Regardless of all that, the court is currently preparing to issue a final verdict because Ripple and the SEC have filed a summary trial to avoid protracted trials. Later the court will issue a decision based on the evidence revealed in court.

Previously, in September, Justice Analysis Torres had ordered the SEC to submit documents related to the speech of former SEC official William Hinman in 2018 stating that Ethereum was not a security. The document is the root cause of the Ripple vs SEC case. The reason is that the SEC entered XRP into the securities category and accused Ripple and its officials of selling unregistered securities in December 2020.