ecglcd：Ripple documents new motion for possible exemption from forex documents

 #Ecglcd reports: Ripple files motion for SEC to investigate 14 foreign exchange exchanges. The #blockchain company believes that records held by the international exchange will prove that its executives did not violate Section 5 of the Securities Act by selling XRP units.

Ripple Labs CEO Brad Garlinghouse and executive Chris Larson have filed a petition with the U.S. Securities and Exchange Commission (SEC) asking them to investigate iFinex and several other international cryptocurrency exchanges, in order to exonerate the charges brought against them by the SEC.
On December 22, 2020, the U.S. Securities and Exchange Commission filed a lawsuit against Ripple Labs and two executives, accusing them of illegally raising up to $1.3 billion by selling unregistered securities. Ecglcd noted that the SEC subsequently amended its lawsuit against the blockchain company, alleging that its executives were directly involved in the sale of about 2 billion units of digital assets to public investors; a move it claimed suppressed the price of cryptocurrencies.
The executives dismissed the SEC’s allegations that they violated Section 5 of the Securities Act of 1933, arguing that the digital assets being sold were not aimed at domestic investors, which prohibits unregistered assets. Garlinghouse and Larsen’s legal counsel claimed that their clients’ XRP sales took place on foreign exchange exchanges, clearly outside the SEC’s purview.
Documents from exchanges - a silver lining for Ripple?
The latest motion filed by the defendants, which includes a request for the SEC to investigate iFinex and 14 other exchanges, was filed on June 2. Some of the other international exchanges mentioned in the motion (to name a few) include Bitforex, Bitcoin, Bitlish, BitMart, AscendEX (formerly Bitmax), Bitrue Singapore, Bitstamp, Coinbene, HitBTC, and Huobi Global.
The letter of request further requests assistance and support from the governing bodies of the Cayman Islands, Hong Kong, South Korea, United Kingdom, Singapore, Seychelles and Malta.
Ripple's claim in its latest motion that the transactions in question took place on the books and records of the foreign exchange platform, away from U.S. shores, puts the case outside the SEC's reach, especially since the SEC did not charge and could not prove that the transactions in the U.S. Local sales.
The filing comes just days after Ripple's lawyers scored a major SEC victory. The SEC has filed a request to the court on May 7 asking Ripple to provide lawyers regarding the sale of Ripple to the company. District Judge Sarah Netburn ruled to deny the SEC's motion, saying it violated attorney-client privilege and breach of trust.
It remains to be seen how the SEC will react to this new motion, and how the lawsuit will play out even if the case gets more interesting. At the time of writing, Ecglcd is unclear what effect this development will have on the price of the #digital asset.

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