{"id":6735,"date":"2021-02-22T22:05:00","date_gmt":"2021-02-22T19:05:00","guid":{"rendered":"https:\/\/alfacash.blog\/?p=6735"},"modified":"2024-02-19T21:52:13","modified_gmt":"2024-02-19T18:52:13","slug":"ripple-moneygram-stop-partnership-due-sec-lawsuit","status":"publish","type":"post","link":"https:\/\/alfacash.blog\/cs\/2021\/02\/22\/ripple-moneygram-stop-partnership-due-sec-lawsuit\/","title":{"rendered":"Ripple a Moneygram ukon\u010duj\u00ed sv\u00e9 partnerstv\u00ed kv\u016fli \u017ealob\u011b SEC"},"content":{"rendered":"

Ripple Labs isn\u2019t having a great time since the U.S. Securities and Exchange Commission (SEC) issued a lawsuit against them last December. From that date, numerous exchanges and other crypto-companies (like funds) have decided to stop their XRP trading. Now is the turn for another one: Ripple and Moneygram, one of the world\u2019s largest money transfer companies, have just stopped their alliance.<\/strong><\/p>\n\n\n\n

They both entered into a \u201cstrategic partnership\u201d back in 2019<\/a>. This with the main purpose \u201cto instantly settle funds from US dollars to destination currencies on a 24\/7 basis\u201d. However, barely a day after the lawsuit against Ripple<\/a> went public, Moneygram published a press release<\/a> for distancing itself from the problem, and even saying they didn\u2019t use the Ripple products that much.<\/strong><\/p>\n\n\n\n

\u201cAs a reminder, MoneyGram does not utilize the ODL platform or RippleNet for direct transfers of consumer funds \u2013 digital or otherwise. Furthermore, MoneyGram is not a party to the SEC action.\u201d<\/p><\/blockquote>\n\n\n\n

\"Ripple-XRP-\u017ealoba<\/figure><\/div>\n\n\n\n

Now, on their last Financial Report<\/a>, they announced \u2014amid everything else\u2014 that they suspended their trading on Ripple\u2019s platform.<\/strong> Their partnership is, in the best of the cases, on hold, due to the legal uncertainty currently faced by Ripple<\/a>.<\/p>\n\n\n\n

\u201cThe Company [Moneygram] is not planning for any benefit from Ripple market development fees in the first quarter. Due to the uncertainty concerning their ongoing litigation with the SEC, the Company has suspended trading on Ripple’s platform. In the first quarter of 2020, the Company realized a net expense benefit of $12.1 million from Ripple market development fees.\u201d<\/p><\/blockquote>\n\n\n\n

This might be bad news for XRP<\/a>, but, surprisingly, the price hasn\u2019t suffered that much so far. On the contrary, it had a weekly increase of over 31%,<\/strong> and there\u2019s an explanation for this.<\/p>\n\n\n\n

Moneygram and Ripple break, but Wyoming is waiting<\/strong><\/h2>\n\n\n\n

Brad Garlinghouse had stated before that they were considering abandoning the United States in favor of some crypto-friendlier territory<\/a>. Nevertheless, it seems that they changed their minds a bit because they decided to register a new entity for Ripple Labs in the Wyoming state.<\/p>\n\n\n\n

This is explained because Wyoming is a crypto-friendly jurisdiction, that recognizes cryptocurrencies as property since 2019. Caitlin Long, CEO at Avanti (a crypto-oriented financial institution), announced the register via Twitter.<\/p>\n\n\n\n

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WELCOME TO #Wyoming<\/a>, @Ripple<\/a>! More #crypto<\/a> cos are realizing Wyoming is a better domicile than Delaware due to our crypto-friendly laws. People often ask how many cos have relocated\/redomiciled to Wyoming–we dunno. We don't keep lists & we like it that way #XRP<\/a> @Mark_Gordon_WY<\/a>\ud83e\udd20 pic.twitter.com\/zsUApz25Jy<\/a><\/p>— Caitlin Long \ud83d\udd11\u26a1\ufe0f\ud83d\udfe0 (@CaitlinLong_) February 21, 2021<\/a><\/blockquote>