I-Remit Submits Amicus Brief Despite SEC Opposition

October 13, 2022

in Altcoins

Reading Time: 2 mins read

Defense Lawyer James K Filan, who has been a vital source in the SEC vs. Ripple lawsuit, has shared documents regarding I-Remit’s amicus brief in support of Ripple. The application was opposed by the SEC (Securities and Exchange Commission) in a motion letter to Federal Judge Analisa Torres. Nonetheless, the trial judge allowed I-Remit to submit its application.

As per the document, Philippines-based I-Remit serves as a bridge between foreign money senders and recipients of that money in the Philippines. Moreover, it is the only remittance company that is publicly listed on the Philippines Stock Exchange.

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I-Remit stated that one of the mechanisms it employs for money transfers is Ripple’s RippleNet. One way the firm allows money transfers are through Ripple’s ODL (On Demand Liquidity) software, which uses the XRP cryptocurrency, running on the XRP ledger.

I-Remit argues that, as an ODL client, it is interested in the outcome of the lawsuit, due to its dependence on XRP and the XRP ledger. The firm stated that it has deep knowledge of the technology, and will aid the court’s evaluation.

Unlike the SEC, I-Remit does not believe that XRP is an investment contract. I-Remit neither uses XRP “to speculate on it” nor regards it as an “investment” whose intrinsic worth is anticipated to rise with time.

I-Remit explains,

“Through ODL, a business can convert local fiat currency (i.e., a government issued currency like U.S. dollars) into XRP, and then transfer the XRP to a particular jurisdiction and then convert back to local fiat currency.”

The firm noted that Ripple’s ODL allows for cross-border transactions instantaneously. Moreover, it remains usable on days when traditional banks are closed.

When will the SEC vs Ripple lawsuit conclude?

The SEC vs Ripple lawsuit has been ongoing since December 2020. Regardless of the SEC’s constant opposition, the trial has been inclining towards Ripple Labs over the course of the last few months. The judge also ruled in the crypto service provider’s favor in regard to the Hinman speech.

Ripple CEO Brad Garlinghouse recently stated that he expects an answer to the lawsuit in the first half of 2023. At press time, XRP was trading at $0.473492, down by 2.6% in the last 24 hours.

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