crypto wallet Cryptoillian seeks to back Ripple against SEC

Digital wallet service provider Cryptillian Payment Systems has requested to file an amicus brief to support Ripple Labs Inc. in the latter’s ongoing court battle against the U.S. Securities Exchange Commission (SEC).

See related article: SEC takes no position on two motions in support of Ripple in XRP lawsuit

Fast facts

• Cryptillian, which allows XRP transfers with its services, wrote in a document filed on Wednesday that it is willing to offer the court real-world data on the use of crypto.
• “Should the SEC prevail in the instant action, not only will it significantly hamper Cryptillian’s business but it would retroactively make many of its customer unwitting violators of the Act,” Cryptillian said in the filing, adding that XRP is the second most popular token among its customers.
• In December 2020, the SEC filed a lawsuit against Ripple and its executives, alleging the sale of XRP constituted an offering of unregistered securities worth over US$1.38 billion.
• An amicus brief is typically submitted by an individual or organization that is not a party to a case but intended to influence the court’s decision.
• On Monday, crypto exchange Coinbase also filed a motion to submit an amicus brief to support Ripple’s fair notice defense.
• In September, the crypto lobby group Chamber of Digital Commerce received approval from the court to file an amicus brief.

See related article: What is XRP and what is Ripple?