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October 3, 2022
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XRP holders are allowed to participate in the Ripple lawsuit against the SEC

Ripple’s XRP token holders will be able to intervene in the legal battle between the company and the SEC, a decision came from a district judge.

Positive news for the blockchain-based payment processor Ripple, as district judge Analisa Torres has decided that XRP holders will be able to participate in the legal battle against the Securities and Exchange Commission (SEC).

In addition, the company acquired a 40% stake in the large Asian international payments company – Tranglo.

XRP holders must intervene in the SEC case

Recently, more than 6,000 Ripple’s native token (XRP) holders have requested to participate in the impending legal battle between the company and the SEC.

John Deaton, an XRP investor and representative for Deaton Law Firm LLC, filed the motion, claiming that the case would also impact token holders, not just the payment processor behind it.

The United States court in New York, represented by district judge Analisa Torres, granted approval Deaton to submit the request necessary to file a motion of intervention. The order says that the motion must be filed by April 19. After that date, the opposition has until May 3 to issue its objection documents.

Interestingly, the Court’s approval comes after the SEC’s amended complaint. In it, the Commission said that, if approved, it would be “logical to allow all interested investors and members of the public with different views to intervene in the underlying actions”.

In addition, the SEC said the approval “would create an avalanche of claims and almost certainty of undue delay, complexity and confusion.”

Ripple wins a stake in Tranglo

As the payment processor prepares to fight the SEC in the United States, the company continues to expand in the Asian region. The Ripple announced previously that it had agreed to acquire a 40% stake in the Asian international payments company – Tranglo.

With the move, Ripple aims to meet “growing customer demand in the region and expand the reach of On-Demand Liquidity (OLD), which uses the digital asset XRP to send money instantly and reduce working capital needs.

“Tranglo’s robust payment infrastructure, coupled with unparalleled customer service and quality, makes them an ideal partner to support our EAD expansion, starting with the Southeast Asia region.

We are excited to continue and fulfill our shared mission of transforming international transactions to be faster, cheaper and more secure with blockchain technology and digital assets. ”- commented the general manager of RippleNet – Asheesh Birla.

Source: CryptoPotato

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