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SEC v. Ripple: This Firm Officially Filed Amicus Curiae Brief

Sat, 10/29/2022 - 00:00
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Wahid Pessarlay
Canada-based firm STB files its amicus curiae brief in support of Ripple
SEC v. Ripple: This Firm Officially Filed Amicus Curiae Brief
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While the U.S. Securities and Exchange Commission (SEC) has been battling with the blockchain firm Ripple (XRP) for nearly two years, the XRPL-powered company SpendTheBits Inc. (STB) has officially filed its amicus curiae brief.

According to an amicus curiae brief shared via Dropbox, the Canada-based STB has been using the open-source blockchain technology of the XRP Ledger as a solution to the “long delays and unnecessary costs in the transfer of” Bitcoin (BTC).

As STB utilized Ripple’s technology, its application is “designed to burn 0.00005 XRP with each transaction,” per the amicus curiae brief.

STB notes in the document that its main reason to launch in Canada and not in the U.S. is because of the SEC’s “allegations in this lawsuit.” The XRPL-powered crypto firm added that it's trying to register in the Bitcoin-friendly country El Salvador — where BTC is the country’s legal tender.

As U.Today reported on Friday, U.S. District Court Judge Analisa Torres allowed Investor Choice Advocates Network and STB to file their amicus curiae briefs — documents that are filed by third parties to assist a court by offering information.

However, the SEC has previously mentioned that it will not take any position on the “motion” of the amicus curiae briefs, according to a U.Today report.

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About the author

Wahid is an experienced writer, interested in everything decentralized since 2019.

Before joining U.Today, he wrote for some of the top DeFi and CeFi outlets, bringing in millions of views and educating readers with his knowledge of the industry.