SpendTheBits has filed its application to file an Amicus Brief

James K. Filan reported that SpendTheBits has filed its application to file an Amicus Brief.

James K. Filan on twitter reported that SpendTheBits has filed its application to file an Amicus Brief. This is a Canadian company that uses the XRPL blockchain technology.

The Amicus Curiae’s Interest stated:

The SEC has maintained XRP is a security, that users and developers independent of Rippledon’t have the ability or resources to grow the XRP ecosystem; that they can’t develop a use forthe tokenwithout Ripple’s help or efforts.Id.However, this is simply not true. Jay Kambo, thefounder and CEO of SpendTheBits, was introduced to the crypto-space in 2016. With an ITbackground, Jay quickly recognized the slow transfer speed of the Bitcoin network, which hasbeen commonly referred to the Bitcoin scaling problem in the cryptocurrency community.1Aftersome research, Jay began building SpendTheBits on the XRPL in September 2019. While the SECasserts that Defendants’ promised efforts are what make XRP a security (March 19, 2021 Hr’g Tr.at 51:15-21), not only was Jay unaware of any such promised efforts but he certainly did not relyon any of those alleged efforts to develop his application. In fact, When Jay first acquired XRP toestablish the trustline to build his app, he was unaware of the company Ripple and its executives.SpendTheBits uses XRP as a bridge currency on the XRPL to transfer Bitcoin for peer-to-peerpayments in less than five seconds; this application creates a utility for XRP without Ripple evenknowing it exists.The underlying technology of XRP provides a vast amount of utility without the permissionor knowledge of Ripple. Just like Bitcoin is the native token of the bitcoin network, XRP is thenative token of the XRPL. That means you use bitcoin to move things on the bitcoin network andXRP to move things on the XRPL. Jay was eager to launch SpendTheBits in Canada and then theU.S. but the lack of regulatory clarity and commencement of this case halted such plans.SpendTheBits is currently working on a Spanish version of the app to launch in El Salvador, whereBitcoin is recognized as legal tender. Clearly, SpendTheBits’s interests have been impacted by thislawsuit already but without making a distinction between particular sales involving the individualdefendants and XRP in the secondary market, the SEC is threatening the viability of SpendTheBits.SpendTheBits’s unique position can provide this Court with meaningful and importantinformation and context related to issues in the case. As such, SpendTheBits respectfully requeststhis Court grant leave for it to submit the proposed amicus brief attached hereto as Exhibit A