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.
SEC restricting innovation?
John Deaton, lawyer of XRP holders in the crucial case appreciated STB’s efforts to file requests to enter the case. He mentioned that the US is supposed to be a land of opportunity, while SEC has done more to restrict this opportunity.
He slammed the SEC for hindering innovation and harming the people that it alleges to serve. The impact of damage done by the commission can be felt beyond the border. While he thanked the STB for speaking up for the international XRP holders and businesses.