{"id":265358,"date":"2021-06-03T05:39:18","date_gmt":"2021-06-03T02:39:18","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ripple-seeks-docs-from-15-offshore-exchanges-it-says-could-be-fatal-to-the-secs-charges\/"},"modified":"2021-06-03T05:39:18","modified_gmt":"2021-06-03T02:39:18","slug":"ripple-seeks-docs-from-15-offshore-exchanges-it-says-could-be-fatal-to-the-secs-charges","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ripple-seeks-docs-from-15-offshore-exchanges-it-says-could-be-fatal-to-the-secs-charges\/","title":{"rendered":"# Ripple seeks docs from 15 offshore exchanges it says could be \u2018fatal\u2019 to the SEC\u2019s charges"},"content":{"rendered":"

“# Ripple seeks docs from 15 offshore exchanges it says could be \u2018fatal\u2019 to the SEC\u2019s charges <\/strong>”
\n<\/p>\n

Ripple CEO Brad Garlinghouse and co-founder Chris Larsen, have filed a motion requesting the U.S. Securities and Exchange Commission investigate Bitfinex\u2019s parent company, iFinex, and 14 other international crypto exchanges.<\/p>\n

The June 2 motion<\/a> requests documents from exchanges including iFinex, Bitforex, Bithumb, Bitlish, BitMart, AscendEX (formerly Bitmax), Bitrue Singapore, Bitstamp, Coinbene, HitBTC, Huobi Global, Korbit, OKEx, Upbit Singapore, and ZB Network Technology<\/a><\/p>\n

The motion\u2019s supporting memorandum<\/a> notes the letters of request solicit assistance from authorities in the Cayman Islands, Hong Kong, South Korea, the United Kingdom, Singapore, Seychelles, and Malta.<\/p>\n

The SEC\u2019s amended complaint against Ripple accuses Garlinghouse and Larsen of selling more than two billion units of XRP to \u201cpublic investors\u201d located \u201call over the world,\u201d with the SEC seeking disgorgement from Ripple\u2019s executives based on the sales.<\/p>\n

Ripple\u2019s executives deny the SEC\u2019s allegations they violated Section 5 of the 1933 Securities Act, emphasizing that Section 5 specifically prohibits the domestic sale of securities without a registration statement. Garlinghouse and Larsen\u2019s legal representation counter that their XRP sales were conducted on foreign exchanges and thus outside of the SEC\u2019s jurisdiction:<\/p>\n

\u201cIn the case of transactions conducted on such foreign trading platforms, both the offers of XRP and the sales of XRP occurred on the books and records of the respective platforms, and therefore geographically outside the United States. The SEC\u2019s failure to allege domestic offers and sales should be fatal to its claims.\u201d<\/p><\/blockquote>\n

Ripple asserts the exchanges and related entities subject to its new motion \u201cpossess unique documents and information\u201d regarding Ripple\u2019s legal battle with the SEC, specifically concerning \u201cthe process by which transactions in XRP allegedly conducted by the Individual Defendants on foreign digital asset trading platforms were conducted.\u201d<\/p>\n

The SEC amended its complaint against Ripple and the firm\u2019s executives in February, alleging their sales of XRP suppressed the crypto asset\u2019s price. The complaint also accuses Garlinghouse and Larsen of misleading public investors while offloading billions of dollars worth of XRP as Garlinghouse repeatedly claimed he was \u201cvery long\u201d on XRP during the time of the alleged sales.<\/p>\n

The filing comes just days after a significant blow was dealt to the SEC\u2019s case against Fipple, with the court rejecting the SEC\u2019s bid to access communications between Ripple and its legal counsel.<\/p>\n