MoneyGram International, a former Ripple partner has filed a motion to the U.S. District Court for the Southern District of New York seeking to seal parts of its for the summary judgment in the current SEC vs XRP lawsuit.
This, according to the cross-border payments firm is intended to protect business information and employee identities.
Back in September, the US regulator SEC and the blockchain firm sought a summary judgment in the ongoing case.
The agency sued Ripple and its executives in December 2020, claiming that the sale of XRP constituted an offering of unregistered securities worth more than $1.38 billion.
This lawsuit, which has been tipped to have long-lasting effects on the cryptocurrency industry, has since progressed to other parties.
As for MoneyGram and Ripple, the two payment giants were partners for a few years. During that time, the latter heavily invested in MoneyGram and purchased its stock.
According to Alex Holmes, MoneyGram also declared their desire to use XRP to settle billions of dollars in USD remittances utilizing Ripple’s ODL technology. The collaboration, however, came to an end in 2021 when the blockchain firm was sued by the SEC.
MoneyGram stopped trading on Ripple’s platform in February 2021 due to litigation uncertainty, putting an end to a related arrangement that involved on-demand liquidity transactions worth a few billion dollars.
MoneyGram Forge New Friendships With Ripple Partner
In response, Ripple sold all of its shares in MoneyGram, and the blockchain powerhouse formally ended the agreement in March.
Although the two firms are no longer in direct partnership, MoneyGram entered into a business arrangement with one of Ripple’s current partners-Frente Corretora and introduced a brand-new remittance service in Brazil with no fees for users.
The new service, known as MoneyGram Online [MGO], allowed users to send money to friends and family members in near real-time from Brazil to any location on the planet.
On the other hand, Ripple began making inroads into Africa with the support of its partner firm’s agent, driving more volume to its cross-border payment solution and indirectly XRP.
Recently, CEO Brad Garlinghouse shared his view on the regulatory clarity for the crypto industry in the US.
As reported by TronWeekly, Garlinghouse in the Tweet thread stated he’s “cautiously optimistic” as support for regulation is “bipartisan & bicameral.
He further believed that 2023 would be the “breakthrough” year in bringing regulatory clarity to the cryptocurrency industry in the US.