As a part of its legal battle with the Securities and Exchange Commission (SEC), Ripple filed a motion on June 2nd to obtain documents from 14 international exchanges that the company believes could serve its case.
If the motion was to be approved it would result in a formal request for Finex, Bitforex, Bithumb, Bitlish, BitMart, AscendEX (formerly Bitmax), Bitrue Singapore, Bitstamp, Coinbene, HitBTC, Huobi Global, Korbit, OKEx, Upbit Singapore, and ZB Network Technology to provide documentation that could prove ripple didn’t violate Section 5 of the Securities Act.
The motion would also require authorities in the Cayman Islands, Hong Kong, South Korea, the United Kingdom, Singapore, Seychelles, and Malta to help enforce the request.
Ripple’s defense team insists that all XRP sales made by the company took place on foreign exchanges instead of domestic ones, which means the Securities Act was not violated as the transactions took place outside the SEC’s jurisdiction:
“In the case of transactions conducted on such foreign trading platforms, both the offers of XRP and the sales of XRP occurred on the books and records of the respective platforms, and therefore geographically outside the United States. The SEC’s failure to allege domestic offers and sales should be fatal to its claims.”
The motion’s approval would also require assistance from authorities in the Cayman Islands, Hong Kong, South Korea, the United Kingdom, Singapore, Seychelles, and Malta to help enforce the request.
SEC is Unable To Obtain Legal Docs From Ripple
The motion-filled by Ripple on Tuesday is just the latest chapter in a saga that has been developing since December of 2020 when the SEC filed a lawsuit against the company for violating the securities act after the regulator deemed XRP to be a security.
The previous chapter in the legal battle was the SEC’s defeat when it requested access to privileged legal documents currently in the hands of Ripple’s legal team, claiming that…