SEC Opposes I-Remit and TapJets Applications To Support Ripple

Vignesh Karunanidhi
SEC Opposes I-Remit and TapJets Applications To Support Ripple
Source: Forkast

Although the SEC-Ripple lawsuit’s developments have been patchy, the XRP community has kept track of them all. Many motions from both sides have been submitted, and those present have seen some of them approved while others have been rejected by the judge.

In the latest development in the SEC vs. Ripple lawsuit, the SEC opposes the I-Remit and TapJets applications to support Ripple. The U.S. Securities and Exchange Commission requested in a motion letter to Federal Judge Analisa Torres that the court refuse I-Remit Inc. and TapJets Inc.’s requests to submit amicus briefs in favor of the defendant’s petition.

Source: Coinpedia

SEC states that the briefs contain improper attempts by the movants

The motion letter states:

“The proposed briefs contain improper attempts by the movants to offer evidence outside the constraints of discovery restrictions and the rules of evidence.”

I-Remit has an interest in the conclusion of the SEC vs. Ripple lawsuit. The firm utilizes the on-demand liquidity solution by Ripple. It also expressed that several firms utilize XRP for cross-border payments.

TapJets, which is a private jet firm asked the court to file an amicus brief. It was of the opinion that XRP was crucial for the firm’s swift transactions and transfers. It also expressed that if it loses the ability to accept XRP, it will lose out on significant business and growth opportunities.

The lawsuits that have been dragging since December 2020 don’t seem to cool off anytime soon. Many claim that the lawsuit is likely to end in 2023.