I-Remit, a cross-border remittance company with headquarters in the Philippines and a significant partner of Ripple, has submitted a brief in favor of the cryptocurrency business and XRP in a legal action brought by the SEC. The corporation has provided a formal declaration on the matter and urged the court to consider it when making a decision. In I-Remit’s memo, the corporation explained why XRP is not a security. I-Remit Addresses SEC I-Remit addressed the Securities and Exchange Commission (SEC) directly, claiming that their activities appear to be an attempt to misrepresent fundamental elements and concepts of cryptocurrencies and blockchain technology and impose regulatory action in areas unrelated to their core business operations. The business, which recently declared cooperation with Ripple, also argued before the court that as a frequent user of XRP, it never viewed the cryptocurrency as an investment but rather as a vehicle for quick, effective cross-border transactions. I-Remit justifies its unexpected announcement by stating that it is interested in the procedure result. Ripple On-Demand Liquidity Corridor The Philippines-based business, established in 2001, uses RippleNet technology and has been a Ripple On-Demand Liquidity corridor in Asia since 2018. When I-Remit was granted permission to use ODL for Treasury payments, the two businesses recently strengthened their alliance. The announcement was well received, ...
