Ripple (XRP) said the SEC mischaracterized the summaries submitted by fellow courtrooms in the case.
The U.S. Securities and Exchange Commission (SEC) recently ordered TapJets Inc. from Federal Judge Analisa Torres. and I-Remit Inc. to reject requests to submit summaries supporting Ripple’s actions for summary judgment. On top of that, Ripple stated that the proposed hashes were mischaracterized.
Ripple Opposes SEC’s Request
Ripple said the US Securities and Exchange Commission (SEC) is trying to prevent the two XRP-biased firms from issuing summary in the lawsuit.
I-Remit, a Filipino remittance company on the XRP side in the lawsuit, relies heavily on Ripple’s on-demand liquidity (ODL) solution. TapJets, on the other hand, uses XRP to make it possible to quickly book charter flights around the clock.
TapJets Inc., which is on the side of XRP in court, the SEC. and I-Remit Inc. did not want their companies to provide summaries. Both companies argued in their letter movements that XRP is vital to their business models.
While the SEC argued that the facts proposed by the two firms should be asserted by Ripple; In its letter, Ripple accused the SEC of mischaracterizing the proposed summaries. He also stressed that both companies are independent third parties that are not affiliated with litigation.
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