Former SEC Chair to Represent Ripple in the Court

Ripple Labs hired Mary Jo White (2013 - 2017 Chairwoman at SEC) and Andrew Cerezni to protect Ripple in the court
05 June 2018   2180

Ripple Labs hired representatives of the international law firm Debevoise & Plimpton Mary Jo White and Andrew Cerezni, entrusting them the right to defend their interests in a collective lawsuit filed against the company in May this year. This is reported by Law.com.

Mary Jo White is known, among other things, to be the chairwoman of the US Securities and Exchange Commission (SEC) between 2013 and 2017.

In May, an XRP investor filed a lawsuit against Ripple, accusing the company of violating the federal securities law, as well as the laws of the state of California, when it launched a public sale of tokens.

The defendant is also the CEO of Ripple Brad Garlinghouse. According to the plaintiff, Ripple actually conducted an "endless ICO", which should be classified as the sale of securities under the provisions of the US Securities Act and the California Corporate Code.

The lawsuit itself is classified as collective, as it is filed on behalf of all investors who purchased the XRP token after January 1, 2013, that is, from the moment Ripple Labs was founded.

According to court documents, the case was transferred from a California state court to a federal court in the Northern District of California.

Like any civil proceeding, we'll assess the merit or lack of merit to the allegations at the appropriate time. Whether or not XRP is a security is for the SEC to decide. We continue to believe XRP should not be classified as a security.
 

Tom Channick

Head of corporate communication, Ripple

Meanwhile, a representative of Ripple said that at the time of filing the suit, the SEC did not determine whether the XRP token is a security.

DeeMoney to Join RippleNet

RippleNet consists over 300 companies around the world, that can perform almost instant exchanges thanks to this network
19 March 2020   286

Thai fintech company DeeMoney became the first non-state company in the country to use RippleNet technology for fast international payments.

More than 300 financial institutions around the world are already members of the RippleNet payment network. The exchange of payments between these organizations occurs almost instantly.

Ripple is currently at the forefront of technology and compliance regulations[…]This brings in finance in Thailand by bringing a new level of efficiency and accessibility for cross-border transactions to and from the nation.

 

Aswin Phlaphongphanich

CEO, DeeMoney

According to Marcus Treacher, senior vice president of customer service at Ripple, there is a real revolution in Thailand's banking industry.

By being the first non-bank institution in Thailand to use RippleNet, it redraws the boundaries and rules of engagement by providing efficient international transfers at low fees and competitive rates. 

 

Marcus Treacher

SVP of Customer Success, Ripple

Currently, DeeMoney is already accepting payments in Thailand using RippleNet, and when the second phase of cooperation is launched, the company will be able to send funds abroad using the blockchain system.