Philippines-based global payment service provider I-Remit issued its detailed opinion in favor of Ripple firm.
Ripple is a San Francisco-based crypto firm, which is known to provide cross-border payment services for every kind of business (crypto & non-crypto). Ripple uses its XRP token’s global trade liquidity to process high amount fund transactions. In December 2020, the United States Securities and Exchange Commission (SEC) sued Ripple and claimed that the XRP token is indeed a security and also XRP used in the payment system by Ripple company is not fair, as per securities laws.
On 30 September, Ripple’s important partner I-Remit published its brief statement on Ripple and also urged the US district court to include its statement in the XRP lawsuit before reaching any conclusion.
According to the information shared by I-Remit in favor of Ripple, the SEC agency failed to understand the actual process use of XRP tokens by the company to process money transactions.
Ripple’s partner also said that the US Securities regulatory body is trying to rule the crypto industry, where traditional laws are not applicable.
In this way, I-Remit respectfully urged the court to grant the defendant’s motion for summary judgment in the XRP lawsuit.
Ripple vs SEC
Since December 2020, the Ripple vs SEC fight is going on and it is expected that the case is not going to end soon.
Recently the US District Court ordered the SEC agency to hand over the former SEC official Hinman’s speech document, where he stated that Bitcoin & Ethereum are not Security.
In the past, the SEC agency refused to provide those mentioned documents many times but now the situation has changed.
A few Ripple supporters noted that SEC possibilities have no more facts or points to present in this case and the court may soon reach to give judgment in this case.