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Another Ripple Ally Wants to File Amicus Brief

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Thu, 3/11/2022 - 8:33
Another Ripple Ally Wants to File Amicus Brief
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Cryptillian Payment Systems, an online cryptocurrency service for retail customers and commercial retail businesses, has asked District Judge Analisa Torres to file an amicus brief in support of Ripple's opposition to the U.S. Securities and Exchange Commission's motion for summary judgment.

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XRP is one of six cryptocurrencies supported by Cryptillian's digital wallet services. The company claims that the token is actually the second most popular option among its customers.

The company says that it has invested significant time and resources in order to integrate the Ripple-affiliated token. Cryptillian estimated that it had processed "tens of thousands" of XRP tokens between cardholders and merchants. It wants to provide the court with real-world data on the use of the XRP cryptocurrency.

Cryptillian has stressed that classifying XRP as an unregistered security would hamper the company's business, arguing that many of its customers would become unwitting violators of securities regulation.

If the court allows the company to submit its amicus brief, the SEC will have to respond to it by mid-November.

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Cryptillian adds that it is an unaffiliated party, which has no financial relationship with the defendants.

Prior to Cryptillian, several other cryptocurrency industry players were permitted to file amicus briefs in support of Ripple.

Most recently, Coinbase, the largest U.S. exchange, has filed its own petition, arguing that the SEC case against Ripple could hurt the entire cryptocurrency industry.

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