Ripple Gains More Support In XRP Lawsuit; Will SEC Settle?

Ripple and Defendant have gained positive momentum in the long running legal battle against the US SEC. After getting a major breakthrough in the XRP lawsuit, Ripple is now receiving vital support from the amicus in the Summary Judgement Phase.

XRP gains momentum

Attorney James Filan reported that Spend the Bits has filed its application to file a Brief as Amicus Curiae in the XRP case. The firm asked the permission to file a brief in the support of the Defendant’s motion for Summary Judgement.

Earlier, the Judge granted permission to I-Remit and TapJets to file amicus briefs in the support of Ripple.

Spend the Bits in its request has mentioned that it is aware of other amici filings in the XRP case. However, its perspective differs from the rest of the amici as Spend the Bits creates and builds an application designed to use XRP and XRP ledger. Meanwhile, Ripple holds no knowledge or consent that it is used to transfer Bitcoin.

The firm supporting Ripple’s motion stated that XRP is not an investment contract within the meaning of the law. STB has highlighted many non-investment use cases for XRP. While it tries to prove that XRP is not a part of a common enterprise with Ripple and it does not rely on Ripple’s effort.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.