Through the Tuesday session, the balancing act between investor optimism towards the ongoing SEC v Ripple case and market angst over central bank monetary policy continued.
Central Bank Policy Overshadows Updates from the SEC v Ripple Case
On Tuesday, the Bank of England weighed on riskier assets. Bank of England Governor Andrew Bailey warned the markets of a Friday end to the Gilt purchase operations. Market disorder stemming from the UK government’s mini-budget had eased in response to the BoE’s interventions. The imminent move left led to a flight to safety, leaving XRP on the back foot.
However, updates from the ongoing SEC v Ripple case were XRP positive. Defense attorney James Filan shared the latest Court ruling.
On Tuesday, Judge Torres granted I-Remit’s and TapJet’s requests to file amicus briefs in support of Ripple. It was another blow for the SEC, who opposed the filings much to the dissatisfaction of the defendants.
The ruling is significant as I-Remit and TapJets will likely show the use of XRP beyond the SEC’s classification as a security.
According to the TapJets filing,
“TapJets interest, in this case, is as a business that accepts cryptocurrency, including XRP, in exchange for its services as a fiat currency substitute. For TapJets, the acceptance of XRP as payment for services is vital in some instances.”
I-Remit is a global payment remittance company that uses the RippleNet software. According to the I-Remit filing,
“As a major ODL customer, I-Remit is interested in the outcome of this lawsuit because of its heavy reliance on XRP and the XRL Ledger. I-Remit has deep knowledge of these technologies that will aid the Court’s evaluation of the arguments advanced by the US Securities and Exchange Commission (“SEC”).
However, while the latest ruling is good news, the SEC has not responded to the Court overruling the SEC’s objection to the Court denying the SEC motion to protect the William Hinman speech-related documents under the attorney-client privilege.