Another third party has requested leave to file an amicus brief supporting Ripple.
SpendTheBits Requests to File Amicus Brief in Support of Ripple Against SEC.
SpendTheBit, an XRPL-based payment solution used for cheap and fast crypto transactions, is the latest third party toĀ request to file an amicus curiae briefĀ in the Ripple vs. SEC lawsuit.
The company noted that its brief differs from thoseĀ filed by other amici, such as TapJets and I-Remit. While I-Remit and TapJets use XRP as a payment method via the On-Demand Liquidity solution, SpendTheBits is a private company that developed an application that uses XRP Ledger and XRP for transferring Bitcoin.
The payment solution noted that its amicus brief would provide the court with meaningful information about the case. The development comes after the court granted I-Remit and TapJetsā request for leave to file amicus briefs.
SpendTheBitsā Interest in the Case
Aside from using Rippleās solution, SpendTheBits noted that its major interest in the lawsuit is to disprove the SECās claim that XRP investors cannot develop any use for the token without Rippleās effort.
SpendTheBits described the claim as untrue because its payment solution was built on the Ripple blockchain without Rippleās knowledge and consent.Ā
Jay Kambo, the founder and CEO of SpendTheBits said he tapped Ripple to enable people to quickly transfer Bitcoin and other cryptocurrencies for peer-to-peer payments in five seconds.
āThis application creates a utility for XRP without Ripple even knowing it exists. The underlying technology of XRP provides a vast amount of utility without the permission or knowledge of Ripple.
ā¦Ā Transferring Bitcoin on a bitcoin network can take anywhere from ten minutes to one hour, depending on the network traffic.Ā WithSpendTheBits, it takes three to five seconds to complete the transaction on the XRPL.ā
SpendTheBits noted that it initially planned toĀ launch the payment solutionĀ in the United States. However, the lack of regulatory clarity in the U.S. and the ongoing lawsuit has halted that plan, SpendTheBits noted, adding:Ā
āClearly, SpendTheBitsā interests have been impacted by this lawsuit already, but without making a distinction between particular sales involving the individual defendants and XRP in the secondary market, the SEC is threatening the viability of SpendTheBits.āĀ