In the case between Ripple and the SEC, a request had now come from Ripple after the court a few days ago denied the SEC access to its documents regarding the legal advice Ripple received. As a result, CEO Brad Garlinghouse and co-founder Chris Larsen demanded that the SEC obtain XRP-related documents from overseas exchanges. According to the duo, these documents will be an important indication that Ripple has not violated securities law.
In the lawsuit, two executives of Ripple have filed a new request from the court. The Ripple side asked the SEC to investigate documents related to sales of XRP from non-US exchanges.
“Out of the SEC’s jurisdiction…”
The reason why it requested such a mandatory investigation is that the SEC accused Ripple of violating section 5 of the securities law. On the other hand, it stated that section 5 is only about preventing local and unregistered sales. The documents coming from these exchanges show it will clearly demonstrate that the sales were made outside of the US and, therefore, outside the SEC’s jurisdiction.
What Is SEC’s Accusation?
According to the SEC’s claim, Ripple sold 2 billion XRP tokens to many investors from all over the world. At the same time, two executives deceived investors by consistently and deliberately making positive comments about XRP.
It requests the court to request the SEC documents from a total of 15 cryptocurrency exchanges operating abroad. These exchanges are Upbit Singapore, Korbit, OKEX, AscendEx, HitBTC, Huobi Global, ZB, iFinex, Coinone, Coinbene, Bitstamp, Bitrue Singapore, BitMart, Bitlish, Bithumb, and Bitforex.
RIPPLE SEC LAWSUIT DATES
On May 21, 2021, a teleconference was held to discuss Ripple’s demands for legal counsel concerning whether XRP Sales are securities.
On May 27, 2021, the SEC will give a new answer to Ripple’s answer to the SEC’s “Lack of Legal Process and Fair reporting” claims.
On June 4, 2021, SEC’s defense against Brad Garlinghouse and Chris Larsen’s defense to the dismissal of the lawsuit was responded.
SEE ALSO: SEC’s Warning to Elon Musk and Tesla
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