Ripple Receives Massive Support from 2 Big Firms in SEC

Ripple Receives Massive Support from 2 Big Firms in SEC Case – Will This Be the End? – Crypto news flash

Ripple Receives Massive Support from 2 Big Firms in SEC

  • Ripple has received support from two major companies, who note that they have an interest in the final outcome of the ongoing litigation.
  • After two years of legal victories and losses, the case is set to close after both parties sought summary judgment to close the case.

San Francisco-based fintech Ripple Labs Inc has had major support from two major firms in its SEC case. According to the latest update, I-Remit, a Philippines-based cross-border remittance company, and private jet charter company TapJets have joined the case and requested the filing of an amicus brief to demonstrate the usefulness of the XRP token.

Ripple and its executives have been accused by the US Securities and Exchange Commission of selling unregistered securities in the form of XRP tokens. Ripple has refuted that claim, questioning the timing of the SEC’s lawsuit and the conflict of interest of former SEC director William Hinman, who made millions from a pro-Ethereum firm while in office. It’s important to note that the lawsuit against Ripple was filed during Hinman’s tenure.

With the case set to close after both Ripple and the SEC requested summary judgment and determined the judge had sufficient evidence to make a decision, two major companies are lining up behind Ripple Labs.

According to Ripple attorney James K. Filan, I-Remit has shared an official statement in support of Ripple and asked the court to include it in its final decision.

In support of Ripple, I-Remit, a partner of Ripple, notes that when it used the XRP token, it never viewed it as collateral, but rather as a tool for fast, low-cost, cross-border transfer. The company also accused the SEC of misinterpreting blockchain and cryptocurrencies to sway its authority in the industry. It was further claimed that SEC had no understanding of modern technology.

Another company that has come to Ripple’s aid is private jet charter company TapJets. The charter has integrated the XRP payment option. In its interaction with the token, the charter notes that the token was “vital” to its business as it can be used for payments outside bank hours. This has ensured that its customers can book flights and complete transactions at any time of the day or night. It further revealed that it has invested heavily in the technology and if the token were viewed as collateral, the company would suffer huge losses.

As reported by CNF, Ripple CEO Brad Garlinghouse has expressed confidence in winning the case. According to him, the case is crystal clear and it is only a matter of time before Ripple wins.