Perhaps someone can look this up, was posted on XRPChat (thanks Peanut56). "The Delaware Chancery court issued temporary restraining order Friday limiting Ripple's cryptocurrency transactions and stock redemptions until Tetragram can sell back its stock." law360.com/articles/13454…
"The vice chancellor said she viewed Tetragon's requests for a complete ban on XRP purchases as potentially "heavy-handed." Instead, the court ordered Ripple to maintain a "net zero" position in sales and purchases of XRP, rather than halting acquisitions outright."
Some takeaways:
•Tetragon's argument was they want to get out before the stock depreciates.
•They argue the Wells notice was a trigger for redemption, but Ripple argues it was not; a textbook example even.
•Tetragon also admitted Ripple has the resources to repay the amount many times over.
•They claim Ripple threatened a suit seeking "billions of dollars in injury and damages if we sued" after the SEC issued a "Wells notice"
The argument seems to be that Ripple is in a place to repay any stock value losses, so hold on until the SEC ruling.
• NOTE: Vice Chancellor said she would schedule a preliminary injunction hearing for February and, if needed, a one or two-day trial in March on the complaint.
The "net zero" sales of XRP is interesting. How far might it apply and in what circumstances? Would it affect ODL or just OTC?
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At the 47min mark of Kristina Corner's interview of Ripple's @JoelKatz , he says three significant things in rapid succession before closing:
1) He dismisses idea that Ripple's escrow is spoken for as "conspiracy theories"
2) Says Ripple is "working on regional clearing partners which are banks that have RippleNet connections to numerous other banks in that region … so you can sign up with RippleNet as an institution and get clearing into an entire region"
3) Ripple is "also looking into offering...things like loans, or ...DeFi services to institutional partners. One of the unique things that Ripple has, is ...our software in the tx flow of all these financial institutions... and can offer it immediately..."
1/ Ripple investor SBI's capital tie-up with Sumitomo portends big things, potentially for XRP, even. There are a number of connected events that bear consideration; an SBI/Sumitomo/#XRP megathread. (sorry 😅)
2/ The specific fund Sumitomo invested in, OpenLegacy, is one used to revitalize aging Japanese banking by supporting API integration of core banking platforms.
SBI invested $20m in January specifically noting banks can integrate with MoneyTap. verdict.co.uk/retail-banker-…
3/ It's pretty clear Sumitomo is courting a younger online audience by buying 20% of the shares of SBI Neo Mobile Securities sometime in June. Their core clientele is an aging population. Though not announced, MoneyTap would serve them well.