In a letter to Judge Sarah Netburn on April 16, Ripple CEO Brad Garlinghaus and co-founder Chris Larsen, attorneys said, “The Securities and Exchange Commission (SEC) told foreign securities supervisors at least 11 memorandums of understanding ( MOU) request was made”. This was reported by YouTube on the 16th (local time).
They claim that “SEC is trying to threaten Ripple’s non-US partners to sever relations with Ripple in trouble.”
“It is not only inappropriate for the SEC to engage local regulators abroad, it is also a threat tactic that has the effect of preventing Ripple-affiliated companies from continuing to do business with Ripple.”
The attorney is requesting an informal meeting on the matter, asking the court to prevent the SEC from conducting evidence-gathering activities outside its jurisdiction.
Ripple also accused the SEC of violating federal regulations by completely refusing to communicate with foreign regulators.
[Ripple has 20 new partners]
According to Ripple CEO Brad Garlinghouse, about 95% of Ripple’s customers are located outside the United States. In addition, Ripple has entered into more than 20 partnerships with financial institutions around the world after a lawsuit with the SEC.
(The SEC is seeking documents from Ripple’s foreign business partners.)
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.