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.”

#XRPCommunity #SECGov v. #Ripple #XRP I-Remit, Inc. has formally filed its Amicus Brief in Support of the Ripple Defendants' Motion for Summary Judgment.https://t.co/lKYDwvVzOY

— James K. Filan 120k (beware of imposters) (@FilanLaw) October 13, 2022

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.”

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.”

I would if it wasn’t so shameful. https://t.co/cKG2kJcFnT

— John E Deaton (219K Followers Beware Imposters) (@JohnEDeaton1) October 13, 2022

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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The post I-Remit Formally Files Amicus Brief, Highlights XRP Major Utility and Why the SEC Is Wrong appeared first on Times Tabloid.

To improve its internal treasury management, I-Remit, the largest non-bank remittance service provider in the Philippines, has stepped up its use of Ripple’s cross-border payment solution known as On-Demand Liquidity (ODL).

According to the release, the aim is to aid the financial entity to overcome the barriers and friction associated with traditional cross-border payments following the age-old infrastructure that correspondent banking relies on. 

It is worth noting that I-Remit first got into a strategic partnership with Ripple, the top enterprise blockchain and crypto solutions company, in 2018 to enable instant and cost-effective cross-border payments clearing into the Southeast Asian country. 

Read Also: XRP Ledger Adopted by Stably For Its Stablecoin (USDS) Issuance

The expansion of Ripple’s ODL application by I-Remit comes as the company has experienced the impact and capacity of the financial technology developed by Ripple.

Another thing that is noteworthy is that Ripple’s On-Demand Liquidity (ODL) utilizes XRP as a bridge between two fiat currencies. ODL enables instant and low-cost settlement without the need to hold pre-funded capital in the destination market.

Through Ripple’s ODL wider adoption, it is said that I-Remit will be able to get uninterrupted access to liquidity for their funding requirements, thereby enabling same-day settlement globally. “Having eliminated the need to pre-fund destination accounts over several days, I-Remit can now channel these funds to scale the business operations of their overseas subsidiaries and support its partners,” the announcement added. 

In commenting on the latest development, Harris D. Jacildo, the Chairman and President of I-Remit said; “As one of the earliest adopters of Ripple’s ODL solution, we’ve been able to scale and accelerate our extensive payout capabilities in the Philippines. We’re excited for this next chapter of our well-established partnership with Ripple to further utilize ODL for treasury management and provide the best possible service for our customers.” 

Related: Qatar’s Largest Bank, QNB Now Offers Direct Remittance Service to the Philippines Using RippleNet

Ripple then noted that the large volume of XRP tokens continuously being moved to and from major exchanges like FTX, Bitstamp, and Bitso is a resultant effect of ODL adoption by institutions like I-Remit, FOMO Pay, Travelex Bank in Brazil, Thunes in Morocco, Airwallex in New Zealand, and Tranglo among others. 

“Ripple’s strong business traction and continuous growth in ODL volume would not have been possible without partners like I-Remit looking to take advantage of blockchain and crypto technology to solve real-world problems. We’re excited at the expansion of our partnership with I-Remit to help bridge liquidity gaps so they can grow and scale other aspects of their business,” Brooks Entwistle, Senior Vice President and Managing Director at Ripple stated.

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The post Philippines-Based I-Remit Expands its Use of Ripple’s XRP-Powered ODL Solution: Details appeared first on Times Tabloid.