Ripple has agreed to buy a 40% stake in Tranglo, a cross-border payment company, in order to expand its ODL service in Southeast Asia.
XRP Tokenholders' argument that their interests are not being properly served in the SEC's pending litigation against Ripple Labs has been acknowledged by a federal judge.
Major Signals
- Ripple has agreed to buy a 40% stake in Tranglo, a cross-border payments company.
- XRP have finally gotten the acknowledgement that thier interest is not being served in the SEC case.
Ripple's foray into Asia continues with the purchase of a stake in a cross-border payments business.
Ripple has agreed to buy a 40% stake in Tranglo, a cross-border payments company, according to a blog post, with the intention of extending RippleNet's On-Demand Liquidity, or ODL, service, which uses the XRP cryptocurrency. The deal is subject to regulatory approval, with TNG Fintech Group, an investment company, remaining Tranglo's majority shareholder.
Ripple's ODL corridors with Tranglo's payments networks are expected to be greatly expanded as a result of the recent acquisition. Tranglo, a cross-border payment processing center that facilitates business payments and money transfers, was established in 2008.
XRP token holder's win authorization case
The right to interfere in the pending case against Ripple Labs by the US Securities and Exchange Commission, or SEC, has been granted by a federal judge in the Southern District of New York.
According to a letter filed by District Judge Analisa Torres on Monday, the proposed intervenors have until April 19 to file their motion to interfere, and the SEC and the defendants have until mid-May to file their oppositions and replies.
Lawyers for Ripple Labs executives Brad Garlinghouse and Christian Larsen filed a letter with the court on Friday, bolstering their case.
The six named persons seeking to interfere in order to protect the rights of a putative class of thousands of XRP holders have well-founded concerns about the lack of clarification in the SEC's case, they wrote to Judge Torres.
According to the defendants, the SEC has conclusory claims that XRP is often a security, meaning that any bid, sale, or transaction involving XRP is subject to the full spectrum of federal securities laws' regulatory requirements.
This was reiterated in a letter filed on behalf of token holders on March 19 by Deaton Law Firm, which argued that the SEC's argument that all XRP are securities is false. The SEC's action had caused the value of circulating XRP to drop by over $15 billion, as both Deaton Law Firm and the Ripple Labs defendants had previously stated.
The SEC claimed in its own letter to Judge Torres on Friday that those who brought the motion to intervene lacked clarification, failing to “explain what arguments they would assert against whom in this action if the Court were to permit them to intervene.”
The SEC claimed that the holders' appeal was based on a "improper basis," citing the fact that Congress has "barred by law the consolidation or coordination of claims without the SEC's consent."
