The Securities and Exchange Commission (SEC) lawsuit against Ripple has taken a new turn, with XRP investors voting to intervene in the case. As the payment firm celebrated another milestone today, District Judge Analisa Torres approved investors’ intervention. It bought a 40% stake in Tranglo, an Asian cross-border payment company.
After much persuasion, XRP investors were granted permission to intervene
Several XRP investors have previously lobbied to be included in the lawsuit between American regulators, the SEC, and Ripple. They filed a number of petitions to that effect. Investors in XRP also contended that the legal battle would involve people who had invested in the company rather than just the company itself, because their investment was the primary target of the lawsuit.
This approval was granted by District Judge Analisa Torres, allowing investors to intervene. Similarly, the court approval comes at the same time that the SEC amends its complaint against the payment firm. They also acknowledged that their amendments require XRP investors to intervene in ongoing legal squabbles. The approval would also result in an avalanche of claims and a near certainty of undue delay, complexity, and confusion, according to the regulators.
Tranglo’s good news spreads like wildfire
The approval of XRP investors intervening in the SEC lawsuit and the acquisition of a Ripple stake in an Asian firm, Tranglo, is a double victory for the American firm. Ripple announced the acquisition of a 40% stake in the Asian firm in order to meet growing customer demand. They also referred to Tranglo as an ideal partner to help them expand into Southeast Asia.
“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.”
Asheesh Birla, General Manager of RippleNet, expressed excitement about collaborating with Tranglo to use blockchain to transform cross-border transactions and make them faster, cheaper, and more secure.