In the ongoing court battle between the SEC and Ripple Labs, presiding Judge Analisa Torres of the Southern District of New York recently ruled in favour of allowing the submission of amicus briefs by I-Remit and Tapjets. Both companies have confirmed their enterprise-level utilization of the Ripple Labs technology and its associated XRP token in normal day-to-day business operations.
The breaking XRP news highlighting the acceptance of the amicus briefs into the court proceedings was released before daybreak, on the morning of Wednesday, October 12. An amicus curiae, “friend of the court” is a party who is not named in the lawsuit, but is permitted to submit a brief, intended to influence the court’s decision in the case.
The SEC Objects To Submission Of The Amicus Briefs
The SEC has objected to multiple prior amicus brief submissions by parties in support of Ripple Labs during proceedings of the lawsuit that the agency filed against Ripple back in December 2020. It has been an ongoing fight between both parties, with most of the objecting and opposing being seen by the SEC for much of it.
The court has decided overwhelmingly in the favor of Ripple Labs, allowing for the briefs in every instance where the SEC has opposed it. Attorney in support of Ripple Labs, John Deaton, praised the decision of Judge Torres, who also allowed for John Deaton’s presence and influence in the case also by way of amicus curiae.
The Significance Of The Ruling And What Contents Of the Briefs
In the briefs submitted by the two companies, details are given which confirm the basis of much of what Ripple Labs has argued throughout the case. That stance has been one which submits that XRP is the network digital token used to implement protocols associated with the blockchain ecosystem, which is mostly utilized as a payment gateway amongst other official uses.
Specifically, I-Remit wrote that it does not use XRP to speculate its price, and it does not consider XRP to be an investment for the entity. The submitted amicus briefs give clear details of the company’s reason for use of the XRP token, none associated with the SEC claims that XRP is an investment contract under specifics of the SEC vs W.J. Howey Supreme Court precedence which is the referenced legal precedence used by the government agency in this case. TapJets wrote in its brief, that its ability to accept XRP as payment is vital to its operations.
A Decision Expected Soon
With all of the talk and hype that has developed around the historic case between the SEC and Ripple Labs, many cryptocurrency enthusiasts, policy experts, and financial and market professionals, have all seemed to watch things as they’ve developed. The outcome is expected to have a potential impact across the entire cryptocurrency market sector and the future state of regulatory guidelines.
The case is nearing its end, and a decision is expected to be rendered soon. Final submissions and arguments are coming to a close, as individuals, organizations, governments, and more look on to see what will ultimately be decided.