I-Remit Officially Files Amicus Brief Says “SEC Dramatically Underestimates Ripple ODL Importance”

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I-Remit Officially Files Amicus Brief In Support Of Ripple.

I-Remit believes that the US SEC has ignored a key aspect of how customers use XRP.

In a tweet today, former US prosecutor James K. Filan, who has been closely following the Securities and Exchange Commission (SEC) case against Ripple, disclosed that I-Remit has officially filed its amicus brief in support of Ripple.

#XRPCommunity #SECGov v. #Ripple #XRP I-Remit, Inc. has formally filed its Amicus Brief in Support of the Ripple Defendants’ Motion for Summary Judgment.https://t.co/lKYDwvVzOY

— James K. Filan ???? 120k (beware of imposters) (@FilanLaw) October 13, 2022

In the shared document, the Philippine remittance company, in detail, explains its reliance on the RippleNet software based on its On-Demand Liquidity (ODL) service to facilitate efficient international transactions. I-Remit emphasizes that Ripple’s ODL service, which uses XRP as a bridge currency in facilitating remittances, does not involve any form of speculation. However, it says the SEC, in its bid to paint XRP as a security, has completely ignored ODL customers, downplaying the relevance of the service in XRP’s application.

“The SEC dramatically minimizes and underestimates the importance of ODL,” I-Remit wrote. “The SEC’s lawsuit paints ODL as essentially a distraction and not a key aspect of the way in which XRP is used. In the SEC’s telling, XRP is principally bought and sold as an investment vehicle. Customers of ODL do not seem to matter to the SEC.”

It bears mentioning that Ripple’s ODL service is one of the biggest applications of XRP. The service, which just expanded to France and Sweden, services up to 25 payout markets, with Ripple recently asserting that it has attained an annual volume run rate of $15 billion.

However, despite all of these, the SEC has continued to assert that the token offers little utility besides market speculation on its price. As such, claiming it is an investment contract dependent on Ripple.

I-Remit says, “SEC contention that XRP is an investment subject to securities act is not accurate…”

XRP Supporters Respond

Unsurprisingly, the amicus brief by I-Remit has attracted the attention and support of the XRP community.

In response to the brief, Crypto Eri, an XRP influencer and YouTuber, decried the lack of proper research by the US SEC. As per Crypto Eri’s statements, the commission has failed in its primary goal of protecting users.

“The SEC_Enforcement miscalculations based on poor research of XRP utility is quite apparent. Shameful waste of tax dollars & failure to protect investors with reckless action. SEC is 100% shotty & corrupt.Get the dustpans ready.”

Image source: https://twitter.com/sentosumosaba/status/1580388319816716290

On the other hand, Attorney John E. Deaton, who represents XRP holders in the capacity of amicus curiae, mocked the SEC attorneys for previous statements asserting that XRP had little utility.

Remember what the SEC attorney said to judge Netburn when she brought up XRP’s utility:

“Your Honor, we dispute that there is any utility.”

I would ? if it wasn’t so shameful. https://t.co/cKG2kJcFnT

— John E Deaton (219K Followers Beware Imposters) (@JohnEDeaton1) October 13, 2022

It bears mentioning that I-Remit is one of two firms that recently declared interest in filing an amicus brief in support of Ripple. Despite resistance from the SEC, Judge Analisa Torres on Tuesday approved the requests. 

Notably, the remaining party, TapJets, also has till tomorrow to submit a brief.

It bears mentioning that Ripple’s CEO, Brad Garlinghouse, has disclosed that he expects a ruling on the case in the first quarter of 2023.

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