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Firm Has No Financial Relationship with Ripple, But Ready to Support Its Fight against the SEC

The legal tussle between Ripple and the United States Securities and Exchange Commission (SEC) over the security status of XRP is still ongoing. And the number of enterprises coming to support Ripple with amicus briefs has been on the increase, boosting the confidence of the San Francisco-based cross-border payment firm on a daily basis.

Even Cryptillian Payment Systems, a firm with no financial relationship or partnership with the defendant Ripple, has also come out to show interest in supporting the blockchain payment firm in its legal tussle against the U.S. securities watchdog.

Like many other companies, including the leading US-based crypto exchange Coinbase, the online digital wallet service is also seeking to file an amicus brief in support of Ripple’s opposition to the SEC’s summary judgment motion.

According to Cryptillian, although it has no financial affiliation with Ripple, it’s showing its support because XRP is one of the crypto assets on its list.

The online digital wallet said it allows its customers to transfer six cryptocurrencies, including XRP, and it has invested a huge amount of money and time to incorporate the processing of XRP on its platform.

Cryptillian further stated that it has been leveraging XRP Ledger to process XRP transactions for its clients without the help or knowledge of the defendants.

The firm, in its request to file an amicus brief, disagreed with the SEC’s claim that all XRP transfers violate the Securities and Exchange Act of 1934.

According to Cryptillian, if the SEC wins the case, its business will be greatly affected. It said it will also make users of its services violators of the Act.

Cryptillian noted:

“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…

“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.

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“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.”


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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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