Ripple Partner Payment Company Denies SEC Claims XRP Is an Investment Contract.
According to I-Remit, a global remittances network and partner company of Ripple, XRP is not an investment contract as the US Securities and Exchange Commission claims.
Filing an Amicus Brief For Ripple (XRP) Against SEC
I-Remit filed an amicus brief where they argued that SEC accusations against Ripple are without merit, according to new documents.
According to Cornell Law School, Amici Curiae are “friends of the court,” and they can submit briefs called amicus briefs on relevant issues to the case only if the court first approves the briefs.
According to I-Remit, XRP has real-world utility and goes beyond simple speculation.
“The SEC claims that Ripple violated the Securities Act of 1933 because ‘XRP was an investment contract’ and that ‘the principal reason for anyone to buy XRP was to speculate on it as an investment,” said I-Remit.
“I-Remit believes that this is false. I-Remit – and countless similar companies that use XRP for cross-border fund transfers on a daily basis – are living proof. I-Remit does not use XRP ‘to speculate on it’ nor does it consider XRP to be an ‘investment’ whose inherent value is expected to increase over time,” they detailed.
I-Remit and TapJets Allow To Serve as Amicus Curiae
I-Remit and TapJets, another company partnered with Ripple, were recently allowed to serve as “amicus curiae” in the lawsuit by U.S. District Judge Analisa Torres. As friends of the court, they can provide legal documents to help the court.
They both filed briefs in which they explained why XRP was not a speculative asset but an integral part of their business models.
At first, the SEC attempted to stop both I-Remit and TapJets from doing those actions, saying that their testimonies were irrelevant to the case and claiming “outside the constraints of discovery restrictions.”
Ripple Labs was first sued by the SEC in late 2020 for allegedly selling XRP without registration.