Ripple requests to draw records from 15 different international exchange bodies during the ongoing lawsuit.
During the lawsuit, it has been the SEC presenting various documents to support their claims progressively. It had started off with requests of memoranda of understanding from overseas partners of Ripple. Next came the request for legal records binding the status of the XRP token as a security. This was however stopped and now Ripple makes memo requests of their own.
Major Updates
- Ripple to requests for internal memos of International exchange providers.
- Ripple to defend against the SEC’s adjusted claims.
- The SEC claims Ripple had outrightly misled their investors.
- The SEC claims Ripple illegally sold XRP via international brokers.
Previously, the SEC had requested to seek access to Ripple’s legal documents. It was stated that the records would prove the XRP token as a security.
Ripple had managed to stop this and further countered their actions by requesting for internal information of registered exchanges. This was to illustrate a biased nature on the SEC’s part. Ripple further referred to their actions as an “unwarranted intimidation tactic.”
Ripple has just made their own request during the last hearing on June 2nd. They seek access to documents with respect to 14 overseas cryptocurrency exchanges.
The reason for such a request is regarding the SEC’s adjusted claims that Ripple had offered over 2 billion units of their XRP token to “public investors” from “all over the world.”
Hence these exchange firms are based in different locations including Hong Kong, South Korea, Singapore, Seychelles, Malta, Uk and Cayman Islands.
Ripple denies these amended allegations against them. CEOs Garlinghouse and Larson have presented that all sales of XRP were carried out throughout offshore crypto exchange providers. These are outside the control of the US SEC.
Conclusion
Furthermore Ripple states that failure of the SEC to further support their claims would ultimately lead to an end of the lawsuit. Hence Ripple would emerge the winners due to baseless claims.
The SEC also made accusations towards Garlinghouse and Larson. They stated that the company had outrightly misled their public investors as they continued to generate massive revenue from the illegitimate sale of XRP.
Question of the Day?
Do you think this will lead to an end of the lawsuit?
