SEC targets Ripple’s overseas partners after failing to access executives’ financial records

SEC targets Ripple’s overseas partners after failing to access executives’ financial records

Amid Ripple’s recent win in its lawsuit against the US Securities and Exchange Commission, the financial watchdog is trying another avenue to nail Inc. and its executives.

A letter petition filed yesterday by lawyers for Ripple’s executive officers, CEO Brad Garlinghouse and co-founder Chris Larsen, to Magistrate Jude Sarah Netburn alleged that the SEC was attempting to obtain documents from its overseas partners. According to the letter, the commission had sent at least 11 memorandum of understanding (MoU) requests to other overseas regulators requesting documents from Ripple’s overseas partners.

Ripple claims that the SEC is now trying to get its partners to cut ties with them. They commented:

As the SEC is undoubtedly aware (and this is possibly the SEC’s goal), engaging local regulators and attempting to invoke the mandatory process of those regulators is not only inappropriate but also a tactic of intimidation that these companies use from continuing to do business with Ripple. Ripple is calling on the court to prevent the commission from making discoveries outside of its jurisdiction. The blockchain project also accuses the SEC of violating federal regulations by refusing to fully disclose its communications with other overseas regulators.

Read on about BTC peers

Disclaimer: Fusion Media would like to remind you that the information contained on this website is not necessarily real-time or accurate. All CFDs (stocks, indices, futures) and forex prices are not provided by exchanges, but by market makers. Therefore, prices may not be accurate and may differ from the actual market price. This means that the prices are indicative and not suitable for trading purposes. Therefore, Fusion Media is not responsible for any trading losses you may incur as a result of using this data.

Fusion Media or any person involved with Fusion Media assumes no liability for any loss or damage caused by reliance on the information contained on this website, such as data, offers, charts and buy / sell signals. Please inform yourself comprehensively about the risks and costs associated with trading in the financial markets. This is one of the riskiest forms of investment possible.

Comments are closed.