Today In Payments: Ripple Faces SEC Lawsuit It Says Would Cripple Cryptocurrency Industry; Peloton Buys Fitness Equipment Maker Precor

In today’s top news, Ripple said it faces a lawsuit from the SEC over the sale of unlicensed securities and Peloton has acquired fitness equipment provider Precor. Plus, a survey from the Federal Reserve Bank of New York found that the consumer credit market took a steep dive after the pandemic began.

Ripple Said It Faces An SEC Lawsuit That Would Cripple The Cryptocurrency Industry

Ripple Labs Inc. said the Securities and Exchange Commission (SEC) is poised to file a lawsuit against the San Francisco-based cryptocurrency company over the alleged sale of unlicensed securities. The SEC refused to confirm or deny whether the lawsuit was in the works.

NY Fed: Credit Applications, Acceptances Plunge During Pandemic

A new survey from the Federal Reserve Bank of New York reported that the consumer credit market took a steep plummet in February after the pandemic began. The largest declines were from credit card and credit limit requests, followed by auto loans.

Peloton Buys Fitness Equipment Maker Precor In $420M Deal

Interactive fitness platform Peloton has inked a deal to acquire Precor, a global fitness equipment provider, for $420 million. The acquisition positions Peloton to join the U.S. manufacturing capacity, help out with the company’s research and development capacities with Precor’s team, and boost Peloton’s entry into the commercial market.

MoneyGram Backs Move To Strengthen US AML Laws

MoneyGram International is supporting U.S. regulators’ proposal to tighten financial reporting required of financial institutions (FIs). MoneyGram has already spent about $100 million since 2012 to improve its own compliance programs following allegations of consumer fraud.

Paytronix CEO Robbins Says DoorDash Still Has A Lot To Prove

In a conversation with PYMNTS’ Karen Webster, Paytronix CEO Andrew Robbins riffed on the DoorDash IPO, the restaurant landscape and how important it is for independents to make it to summer.

Amex: Three Skills That Helped SMBs Navigate 2020s Digital Shift

This year has been unbelievably hard for small businesses. Kathleen Fiorello, head of U.S. partner acquisition and global capabilities at American Express, tells PYMNTS in a Masterclass discussion that SMBs have had to focus on three skills to survive – pivoting, adapting and evolving. Here’s what that looks like in practice.

Connected Homes: WEF Report Shows Commerce Center For Consumers Helps Environment

The digital transformation is touching every corner of the house and household activity. And a new report from the World Economic Forum contends that the connected home is good for the planet as well.