Wednesday, June 19, 2024
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I-Remit Formally Files Amicus Brief, Highlights XRP Major Utility and Why the SEC Is Wrong

I-Remit, Ripple’s XRP-powered On-Demand Liquidity (ODL) partner based in the Philippines, has formally filed its amicus brief to highlight the utility embedded in XRP and why the United States Securities and Exchange Commission (SEC) is wrong about the security status of the digital asset.

The new development was shared a couple of hours ago by James K. Filan, a defense lawyer and former federal prosecutor. The lawyer stated in the tweet that this Amicus Brief is filed to support Ripple’s motion for summary judgment.

Read Also: Ripple CEO Brad Garlinghouse Speaks On When XRP Lawsuit Would End

James K. Filan tweeted, “I-Remit, Inc. has formally filed its Amicus Brief in Support of the Ripple Defendants’ Motion for Summary Judgment.”

In the document, I-Remit explains how it relies on RippleNet’s On-Demand Liquidity (ODL) service to seamlessly facilitate international transactions.

According to the remittance company, contrary to the SEC’s claim, Ripple’s ODL, which uses XRP as a bridge currency, has nothing to do with speculation. It stated that the regulator is ignoring ODL customers and undermining the importance of ODL service, in which XRP is playing a vital role, in a bid to prove that the digital asset is a security.

I-Remit noted:

“The SEC dramatically minimizes and underestimates the importance of ODL. The SEC’s lawsuit paints ODL as essentially a distraction and not a key aspect of the way in which XRP is used. In the SEC’s telling, XRP is principally bought and sold as an investment vehicle. Customers of ODL do not seem to matter to the SEC.”

It’s worth noting that Ripple’s ODL service is on the course of expanding across the world. The recent development stated that the ODL has expanded to France and Sweden. And all transactions initiated via this service are powered by XRP, making the settlement happen within seconds with considerably low fees.

Howbeit, despite this obvious utility, the SEC continues to let its ambition becloud its sense of justice. It keeps claiming that XRP offers little or no utility and that its price growth over the years relied on market manipulation.

According to I-Remit, SEC’s claim that XRP is an investment subject to the Securities Act is inaccurate:

“The SEC’s contention that XRP is an “investment” subject to the Securities Act is not accurate in light of U.S. Supreme Court precedent that defines that term. The way in which entities like I-Remit use XRP on a daily basis undermines the SEC’s theory of the case. For the following reasons, I-Remit respectfully urges the Court to grant Ripple’s Motion for Summary Judgment and end the SEC’s effort to expand its scope of regulatory authority.”

Read Also: Defense Lawyer States 3 Tactics SEC Could Use To Further Delay Hinman Documents Release to Ripple

XRP Community’s Reaction to the Amicus Brief

Matt Hamilton, a popular crypto proponent, who responded to I-Remit’s amicus brief shared by James K. Filan Ripple CEO Brad Garlinghouse Speaks On When XRP Lawsuit Would End, “An interesting side effect of all these Amicus brief filings is it certainly gives some nice proof to those fudders who ask for proof that companies actually use XRP.”

Another contributor also said that the brief “dismisses the notion Ripple is paying every company to use ODL.”

Jeremy Hogan, a popular attorney supporting Ripple, also stated that this brief has negated the SEC’s claim that XRP has no utility:

“Remember what the SEC attorney said to judge Netburn when she brought up XRP’s utility: “Your Honor, we dispute that there is any utility.”

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It should be noted that I-Remit is one of the two firms that the judge recently granted their request to file amicus briefs in support of Ripple in the XRP lawsuit.

Meanwhile, the amicus brief of the second firm, TapJet, is expected to be submitted tomorrow.


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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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