On September 30, the defense lawyer, James K. Filan shared the brief filed by the I-Remit, a Philippines-based cross-border payment remittance company, in favour of the cryptocurrency firm and XRP in a lawsuit initiated by the SEC.
The firm has urged the court to include it in its decision along with making a formal declaration about the result.
I-Remit’s memo turned out to be rather heavy-handed. In it, the firm explains why XRP is not a security and contends that making such a claim is the product of a lack of knowledge about emerging digital technologies.
Moreover, I-Remit also confronts the SEC directly, claiming that their activities appear to be an attempt to misrepresent key elements and principles of digital currencies and blockchain technology and to impose regulatory action in areas unrelated to their traditional fields of operation.
The firm, which recently declared a collaboration with Ripple, also appealed before the court that as a regular user of XRP, it never viewed digital currency as an investment but rather as an instrument for quick, effective cross-border transactions.
I-Remit justifies its sudden announcement by stating that it has a keen interest in the result of the process.
The Philippines-based organization, which was founded in 2001, has been one of Ripple’s On-Demand Liquidity Corridors in Asia since 2018.
When I-Remit was granted permission to use ODL for Treasury payments, the two organizations recently strengthened their alliance.
The news was positively greeted by Yoshitaka Kitao, the current CEO of SBI Holding and an ex-member of the Ripple board, who even posted about it on social media.
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