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Ripple seeks documents from 15 overseas exchanges he says could be ‘fatal’ to SEC charges

June 3, 2021 7:49 AM & nbspUTC

| Updated:

June 3, 2021 at 7:49 a.m. & nbspUTC

By & nbspClark

Records of Ripple’s trusts held by overseas stock exchanges will show that its executives did not violate Section 5 of the Securities Act by downloading XRP to the US public. UU.

Brad Garlinghouse Ripple, CEO and co-founder of Chris Larsen, has filed a motion demanding that the US Stock Exchange and Securities Commission. UU. Research the parent company Bitfinex, iFinex, and 14 other international encryption exchanges.

The June 2 motion needs exchange documents that include Bitlish, BitMart, AscendEX iFinex, Bitforex, Bithumb, Bitrue Singapore, Huobi Global, Bitstamp, Coinbene, HitBTC Korbit, OKEx, Upbit Singapore and ZB Network Technology

The secondary memorandum of the motion states that the letters of appeal request the assistance of the authorities of the Cayman Islands, Hong Kong, United Kingdom, Singapore, South Korea, Seychelles and Malta.

The SEC’s amended complaint against Ripple accuses Garlinghouse & Larsen of selling more than 2 billion units of XRP to “public investors” located “worldwide,” and the SEC seeks compensation from Ripple-based executives. sales.

Ripple executives deny the SEC’s allegations that they violated section 5 of the Securities Act of 1933, noting that section 5 prohibits exactly the national sale of securities without a registration statement. The legal sign of Garlinghouse & Larsen indicates that its XRP sales were made in foreign currency and therefore outside the jurisdiction of the SEC:

‘In the situation of transactions conducted at such stages of foreign trade, both XRP’s proposals and XRP’s sales occurred in the books and records of the platforms themselves and therefore geographically outside the US. UU. The SEC’s disappointment in alleging national proposals and sales should be fatal to its claims.

Ripple claims that the exchanges and related entities subject to his new motion “possess exclusive documents and information” about Ripple’s legal battle with the SEC, exactly about “the procedure by which XRP transactions allegedly conducted by Individual Defendants in the Stages of foreign digital asset trading were led. »

The SEC filed its lawsuit against Ripple and company executives in February alleging that its XRP sales repressed the price of the cryptocurrency. The lawsuit also blames Garlinghouse & Larsen for misleading public investors in selling billions of dollars of XRP, as Garlinghouse has repeatedly claimed that it was “very long” in XRP during the time of the alleged sales.

The filing comes just days after a major blow will be dealt to the SEC’s case in contradiction with Fipple, and the court rejected the SEC’s offer for admissions communications between Ripple and his attorney.

Clark

Head of technology.

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