Judge Analisa Torres previously ruled in favor of Ripple, allowing Amicus briefs from I-Remit and TapJets in the XRP lawsuit. However, I-Remit criticized the SEC for its XRP case.
At the Summary Judgement phase.
However, a new Amicus Curiae in the case has submitted documents in favor of Ripple and the defendants in the XRP lawsuit.
Can a fresh amicus brief assist the court in the XRP lawsuit?
Earlier, Judge Analisa Torres ruled in Ripple's favor in order to allow Amicus briefs from I-Remit and TapJets in the XRP lawsuit. One of these Amicus, I-Remit filed a brief in support of the Defendants' Motion for Summary Judgment.
I-Remit criticized the SEC for its XRP case, claiming that the Commission has portrayed the ODL as a necessary diversion. It is not how the SEC has portrayed the usage of XRP. According to the Commission, XRP is mostly purchased and sold as an investment carrier for ODL. The SEC, on the other hand, is unconcerned about ODL's customers.
As an ODL user, the company is highly interested in the outcome of this critical XRP lawsuit because its dependence is on the token and ledger. However, it emphasized that the firm has vast experience with these technologies and will assist the court in evaluating the SEC's claim.
What is Ripple’s ODL?
I-Remit noted in its brief that it transfers money via the 'RippleNet' software product. It assists its customers in a variety of methods to clear and settle cross-border money transactions.
According to the brief, one of these methods is a software called On Demand Liquidity (ODL). This makes use of Ripple's native token XRP, which is managed by the XRP Ledger. Ripple does not own this ledger, which is open source.
Meanwhile, Eleanor Terrett, an American Journalist, revealed in a tweet that three additional XRP advocates will submit Amicus Briefs in support of Ripple in the coming weeks.
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