SEC Pursues Ripple's Foreign Partners!
The SEC is seeking documents from Ripple's foreign business partners. In a letter to Judge Sarah Netburn on April 16, attorneys representing Ripple CEO Brad Garlinghouse and co-founder Chris Larsen stated that the US Securities and Exchange Commission had made at least 11 Memorandum of Understanding (MOU) requests to foreign securities regulators. claims.
This means the discovery process to obtain documents from overseas organizations.
↘️A Intimidation for those Doing Business with Ripple?
They claim that the SEC2in is trying to intimidate Ripple's non-US partners into breaking ties with the troubled company. The statements in the statement are really interesting:
As the SEC is undoubtedly aware (and perhaps that is the purpose of the SEC), involving local regulators and trying to initiate the mandatory process of these regulators is not only inconvenient but also means a intimidation tactic that discourages these assets from continuing.
The defense is requesting an informal conference on the matter from the court, preventing the SEC from making exploration outside its jurisdiction.
Also, Ripple accuses the regulator of breaking federal rules by refusing to fully reproduce its communications with foreign counterparts.
↘️Ripple Has 20 New Partners
About 95 percent of Ripple customers are not from the US , according to Garlinghouse . The San Francisco-based company has signed more than 20 partnerships with financial institutions around the world since Ripple entered the SEC.
However, Ripple has fewer chances in the US. Last month, Dallas-based MoneyGram decided to permanently cut ties with the distributed accounting technology provider due to the legal stalemate.