XRP holders were able to celebrate the victory over the SEC, as the court allowed a petition to be filed for their intervention in the court process, since the agreement from the SEC and Ripple must go to court before May 3.
A small victory over a large regulator
Attorney John E. Deaton and XRP holders yesterday claimed an important first partial victory regarding interference in a lawsuit between the SEC and Ripple. After Deaton filed a formal application before filing, he was granted permission to file a motion to intervene in the ongoing case on behalf of more than 10,500 XRP holders. In her ruling, Judge Analisa Torres also ruled on schedule.
According to the decree, the request for intervention must be submitted no later than April 19. After that, the SEC, as a plaintiff, must file its statement of claim, and Ripple, Garlinghouse and Larsen must file their response document with the court by May 3, if they do not agree.
For the XRP community, this is a major partial victory, while for the SEC, it is a resounding defeat, especially since the regulator has previously vehemently objected to it. Although Judge Torres (so far) has not granted the motion, she rejected the SEC’s arguments that XRP holders should be denied the opportunity to file documents.
A few days ago, the parties filed their position papers on Deaton’s intervention. The regulator argued that Deaton did not explain what statements he wanted to make. However, perhaps the SEC’s most controversial and misleading claim was that Deaton and the interventionists are only interested in relying on crypto exchanges to be able to “ speculatively trade XRP again.”
Reacting to this, Deaton said via Twitter that the SEC’s letter to Judge Torres was “the most misleading letter” he had ever read filed in court.
“Tenreiro is clearly trying to cast me in a bad light by claiming that my motivation in trying to interfere is to make a profit. After reading this, I said to myself: “I’m not talking about the price of XRP — what the hell is he talking about?»
As Deaton says, there are other examples in which the SEC misrepresents the context of the lawyer’s words in order to influence the court and cast the intentions of Deaton and the XRP holders in a bad light.
Ripple acquires 40% stake in Asian company to expand business
While the court battles are going on, Ripple is not forgetting about business, acquiring a 40% stake in the Asian money transfer company Tranglo.
The partnership is based on an on-demand liquidity service (ODL) based on XRP, which will be used by Tranglo.
Ripple Labs has revealed that it has agreed to acquire 40% of Asia’s leading cross-border payments specialist Tranglo. The partnership aims to “meet the growing consumer demand in the region” and “expand the reach of on-demand liquidity (ODL)” based on XRP.
Tranglo is considered a pioneer in Southeast Asia with its cross-border payment platform for business payments, money transfers from abroad, and mobile payment solutions. Founded in 2008, the company has offices in Kuala Lumpur, Singapore, Jakarta, Dubai and London, with a global network covering more than 100 countries, 2,500 mobile operators, 1,300 banks and wallets, and 130,000 cash collection points.