Ripple Case: Amicus Slams The SEC Over Its Allegations Against XRP

The ongoing legal battle between Ripple and the US SEC is in a Summary Judgment phase. However, a new Amicus Curiae in the court has submitted its arguments to defend Ripple and other defendants in the lawsuit. An Amicus Curiae is an impartial adviser to a law court regarding a specific case.

A New Amicus And The XRP Lawsuit

Judge Analisa Torres already ruled in favor of Ripple to allow Amicus’ papers from I-Remit and TapJets to be included in the XRP dispute. In favor of the Defendants’ Request for Summary, I-Remit, one of this Amicus, filed its brief.

I-Remit criticized the SEC for filing an XRP case since the Commission has portrayed the ODL as a crucial diversion. It is not how the SEC has described how XRP is utilized. The Commission notes that the primary way XRP is purchased and traded is as an investment vehicle for ODL. The SEC is not worried about ODL’s clients, however.

The company relies heavily on the token and ledger since it uses ODL. Thus it is very interested in the outcome of this crucial XRP litigation. However, it also said that the company has extensive experience with these technologies, which will aid the court in assessing the SEC’s claim.

Ripples On-Demand Liquidity Technology

I-Remit briefly said that it used RippleNet technology to send money. Also, it aids its client in clearing and settling international financial transactions. The brief also included a program called On-Demand Liquidity (ODL) as one of several such methods.

This utilizes XRP (Ripple’s native coin) to operate on the XRP Ledger. This ledger is open-sourced and not an exclusive property of Ripple. Meanwhile, according to a tweet by Fox Business Journalist Eleanor Terrett, three additional XRP supporters will soon submit Amicus Briefs in favor of Ripple.

XRP’s Price Is Up 3.6%

According to current statistics from Coinmarketcap, Ripple’s XRP is up 3.6% over the last 24 hours, extending its bullish run over the past 30 days. Before falling to its price of $0.493, XRP traded for as high as $0.503 in the past seven days.

After recent rulings favored its parent firm in its court case with the regulator, cryptocurrency traders’ interest in XRP began to rise. Thus, the Ripple ecosystem believed that the company could win the court case against the SEC. The daily active addresses on the network have dropped from a high of 215,640 reported in August to around 25,000 on October 6, according to Santiment data.

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