HomeBusinessRipple gets huge support from 2 major companies in SEC case

Ripple gets huge support from 2 major companies in SEC case

  • Ripple has received support from two major corporations who have noted a vested interest in the final outcome of the pending lawsuit.
  • After two years of legal wins and losses, the case comes to an end after both parties file for summary judgment to close the case.

San Francisco-based fintech firm Ripple Labs Inc has received major support from two major companies in its SEC lawsuit. According to the latest update, I-Remit, a Philippines-based cross-border remittance company, and Privat jet charter company, have joined the case requesting that they file an amicus briefing to test the usefulness of the XRP token. demonstrate.

Ripple and its executives are accused by the US Securities and Exchange Commission (SEC) of selling unregistered securities in the form of XRP tokens. Ripple has refuted this claim, questioning the timing of the SEC’s lawsuit, as well as the conflict of interest of former SEC director William Hinman, who made millions from a pro-Ethereum company during his time in office. It is important to note that the Ripple lawsuit was filed during Hinman’s tenure.

With the case ready for conclusion after both Ripple and the SEC filed for summary judgment, noting that the judge had enough evidence to make a ruling, two major companies are throwing weight behind Ripple Labs.

As shared by 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 using the XRP token, it has never seen it as a security, but rather as a tool for fast, cost-efficient, cross-border transfers. The company also accused the SEC of misinterpreting blockchain and cryptocurrencies to influence its authority in the industry. It further claimed that SEC has no understanding of modern technology.

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

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

#Ripple #huge #support #major #companies #SEC #case



Please enter your comment!
Please enter your name here

Most Popular