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.
#XRPCommunity #SECGov v. #Ripple #XRP Spend The Bits Inc. has formally filed its Amicus Brief in Support of Ripple.https://t.co/OVeiz4oVxk
— James K. Filan 🇺🇸🇮🇪 122k (beware of imposters) (@FilanLaw) October 28, 2022
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.