Ripple vs. SEC: Private Jet Charter Company Wants to Highlight XRP's Utility
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Privat jet charter company TapJets has asked the court to file an amicus brief to land blockchain company Ripple a helping hand in its legal battle with the U.S. Securities and Exchange Commission.
The brief is supposed to shed light on the utility of the token, which has been recognized as an unregistered security by the SEC. TapJets, which accepts XRP in exchange for its services, claims that such a payment option is “vital” since it makes it possible to book flights outside of normal banking hours while not dealing with transaction limitations for transfers via wires. Thus, the company is capable of providing its services in real time. In its letter-motion, TapJets insists that it has no financial relationship with the defendants in the case. However, the company does state that it has an interest in the outcome of the litigation since it has invested in the technology.
TapJets claims that its business will end up suffering losses if XRP gets recognized as a security by the court, which would likely prevent it from using the token. TapJets is the only company that makes it possible to instantly book private jet charter flights. Since the immediacy of the use of services is central to the company’s business model, it needs to continue using the XRP token. As reported by U.Today, I-Remit, a Philippines-based remittance company, also filed an amicus brief in order to showcase XRP’s utility.
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