Cryptocurrency News

Ripple seeks documents from 15 offshore exchanges it says could be ‘deadly’ to the SEC’s allegations

Ripple CEO Brad Garlinghouse and co-founder Chris Larson have filed a motion requesting the US Securities and Exchange Commission to investigate Bitfinex’s parent company, iFinex, and 14 other international crypto exchanges.

June 2 Proposal iFinex solicits documents from exchanges including Bitforex, Bithumb, Bitlish, BitMart, AscendEX (formerly Bitmax), Bitrue Singapore, Bitstamp, Coinbene, HitBTC, Huobi Global, Korbit, OKEx, Upbit Singapore and ZB Network Technology.

offer support memorandum Notes letters of request from authorities in the Cayman Islands, Hong Kong, South Korea, the United Kingdom, Singapore, Seychelles and Malta.

The SEC’s revised complaint against Ripple accuses Garlinghouse and Larsen of selling more than two billion units of XRP to “public investors” located “worldwide,” while the SEC deviated from Ripple executives on the basis of the sale. has demanded.

Ripple executives denied the SEC’s allegations that they violated Section 5 of the Securities Act of 1933, emphasizing that Section 5 specifically prohibits the domestic sale of securities without registration details. Legal representation of Garlinghouse and Larsen counter that their XRP sale was conducted on foreign exchanges and thus outside the jurisdiction of the SEC:

“In the case of transactions conducted on such foreign trading platforms, both the offering of XRP and the sale of XRP occurred on the books and records of the respective platforms, and therefore geographically outside the United States. Failure must be fatal to his claims.”

Ripple told exchanges and related entities to have “unique documents and information” subject to its new momentum. Ripple’s legal battle with the SEC, specifically relating to “the process by which transactions in XRP were allegedly carried out by individual defendants on a foreign digital asset trading platform.”

seconds Revised its complaint against Ripple and firm executives in February, alleging that his sale of XRP suppressed the price of the crypto asset. The complaint also accuses Garlinghouse and Larsen of misleading public investors by selling billions of dollars worth of XRP as Garlinghouse repeatedly claimed that he was “too long” on XRP at the time of the alleged sale.

The filing comes just days after the court dealt a significant blow to the SEC’s case against Fipple. Rejecting SEC’s Bid To access communications between Ripple and its legal advisor.