Another Amicus Files Brief In Support Of Ripple; Blames SEC For This

Ripple and the defendants are receiving major support from third parties in the legal battle against the US SEC. Recently, Judge Torres rejected the commission’s objections and granted I-Remit and TapJets to file amicus briefs during the summary judgment phase.

Support pours in for Ripple

In the latest development, TapJets have formally filed their Amicus briefs in support of Ripple and the defendants. The briefs highlight that TapJets was forced to suspend accepting Ripple XRP on March 3, 2021. It was due to the charges and lawsuit pulled up by the SEC over the blockchain firm.

It was a direct effect of crypto exchanges deciding not to accept XRP. The token become worthless for TapJets as it also stopped the ability to convert XRP back to fiat currency.

The brief mentioned that Amicus Curiae has invested a sufficient amount of its resources in a proprietary platform. It works in order to accept and process XRP. However, it will have to bear huge financial losses if the SEC wins this lawsuit. The incurred loss would be not in just sales but TajJets will also lose the costs incurred in building it.

Do TajJets hold the crypto?

However, it disclosed that neither TapJets nor their executive holds any XRP for investment purposes. It does not expect the value of XRP will surge from the results of this case.

It added that they were accepting other cryptos with XRP as these digital assets offered flexibility, convenience, security, and ease of use it. The received XRP from the users was used in exchange for goods and services offered by its vendors.

Earlier, Coingape reported that another Amicus Curiae I-Remit slammed the SEC in its briefs over its assertion. It mentioned that the Commission has painted the On Demand Liquidity (ODL) as a distraction. The portrayal of the SEC is not the way XRP is being used in the market.