XRP holders are permitted to intervene in the legal battle between the SEC and the company as per the ruling by the District Judge so let’s read more in today’s Ripple news.
A wave of positive news for the blockchain-based payment processor Ripple emerged today as District Judge Analisa Torres approved XRP holders to intervene in the case against the Securities and Exchange Commission. The company also acquired a 40% stake in the Asian cross-border payments company Tranglo.
More than 6000 holders of the XRP token have petitioned to participate in the legal battle between the company and the Commission and now, XRP holders are permitted to intervene. The XRP investor and representative of Deaton Law Company John Deaton filed the motion that claims the case would impact the token holders and not just the payments processor.
The US court in New York and District Judge Analisa Torres, granted approval to Deaton to file all the needed requests for submitting a motion to intervene. The order reads that the motion has to be filed until April 19th because, after that, the opposition has until May 3rd to issue its response. The court’s approval came after the SEC amended the complaint where it said that if approved, it will be logical to allow investors and other interested parties to intervene in the underlying actions. Furthermore, the SEC asserted that the approval will create “an avalanche of claims and near-certainty of undue delay, complexity, and confusion.”
While the payment processor prepares for its fight against the SEC, the company expanded further in the Asian region. Ripple announced that it had agreed to acquire a 40% stake in Tranglo and with this move, it hopes to meet the “growing customer demand in the region while expanding the reach of On-Demand Liquidity that uses XRP to send money and reduce the working capital needs. RippleNET General Manager Asheesh Birla said:
“Tranglo’s robust payments infrastructure coupled with their unparalleled customer service and quality makes them an ideal partner to support our expansion of ODL starting with the Southeast Asia region.
We are excited to continue and carry out our shared mission to transform cross-border transactions to be faster, cheaper, and more secure with blockchain technology and digital assets.”
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