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Ripple (XRP) Executives Refuse to Provide Their Offshore Trading Records.
Jorge Tenreiro, a senior trial attorney at the U.S. Securities and Exchange Commission, claims that neither Ripple CEO Brad Garlinghouse nor co-founder Chris Larsen has actually offered any files related to their accounts on forexes in a letter to Magistrate Judge Sarah Netburn.
Tenreiro worries that the accuseds are refusing to turn over these records regardless of putting “significant weight” on the reality that they were trading outside the U.S. in their motions to dismiss.
Based on its forensic analysis, the SEC alleges that Larsen and Garlinghouse have transferred hundreds of millions of XRP tokens to a minimum of a dozen foreign trading platforms apart from U.S.-domiciled ones.
As reported by U.Today, the SEC has sent a variety of Memorandum of Understanding (MOU) requests to foreign regulators.
The SEC is trying to obtain files from 14 cryptocurrency exchanges, 5 companies that use Ripple’s On-Demand Liquidity (ODL) option, and an investor who bought XRP straight from the distributed journal company.
Countering Ripple’s arguments, the agency claims that the federal securities laws do not limit its ability to send out demands to foreign regulators:
” Nor do the federal securities laws limit the SEC’s capability to send Requests to foreign regulators once the SEC submits a civil action against any particular party. The statute does not compare Requests sent during a civil enforcement action for purposes of acquiring evidence in a continuing examination and those transmitted for functions of the litigation.”
3 foreign regulators have forbidden revealing their communications with the SEC while 2 of them have declined to provide any support.
The regulator specifies that Ripple’s request to turn over these privileged interactions is “inappropriate.”.
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