MoneyGram seeks to seal some of its documentation in the XRP lawsuit

MoneyGram wants to protect business information and employee identities with the latest legal step in the US court. 

MoneyGram is an American international cross-border P2P payment and money transfer company. This company is headquartered in Texas. The services of this company are available under two financial categories, namely Global Funds Transfers and Financial Paper Products. The services of this company are available for individuals and businesses. In the past, Ripple & MoneyGram were under partnership but due to US SEC vs Ripple legal fight, MoneyGram dragged its hands back from any kind of relationship with Ripple, in order to remain away from any big legal hurdle.

On 4 Jan 2023, MoneyGram urged the U.S. District Court for the Southern District of New York to seal some of its documentation for the summary judgement in the Ripple vs SEC lawsuit. Through this legal step, MoneyGram aims to protect business information and employee identities.

Summary judgement is a type of judgement typically delivered based on statements and evidence without a full trial. It is expected that summary judgement will be released by this month.

Earlier this, in Dec 2022, The court judge granted a joint motion to extend the last date for all parties to submit their Daubert Motions. So, before 13 Jan any party can withdraw their submitted amicus briefs from the case & also can submit. 

Ripple vs SEC 

In December 2020, The United States Securities and Exchange Commission (SEC) initiated a lawsuit against the Ripple company and alleged that XRP was unregistered security and also the Ripple executives sold more than $1.2 billion worth of unregistered securities publicly, which was illegal under the Securities Act. 

In the present situation, Ripple is standing strong in this case and legal experts believe Ripple & SEC may settle this dispute without any prior announcement.

Read also: Crypto payments volume surges 63% among e-commerce in 2022