The Lawyers Of Ripple Allege That SEC Trying To Intimidate Ripples Non-U.S. Partners Into Severing Its Aiming at Ties With The Company
Ripple’s next attempt at the lawsuit with the SEC is truly respectable. Currently, attorneys representing Ripple CEO Brad Garlinghouse and co-founder Chris Larsen have accused the SEC of trying to intimidate their non-US counterparts with the aim of breaking the partnership.
The SEC is seeking documents from Ripple foreign business partners
In a letter to Judge Sarah Netburn, the lawyers represented claim that the U.S. Securities and Exchange Commission has made at least 11 Memorandum of Understanding (MOU) requests to foreign securities regulators during the discovery process to obtain documents from overseas entities.
The letter states:
“As the SEC undoubtedly is aware (and perhaps this is the SEC’s objective), involving local regulators and attempting to invoke those regulators’ compulsory process is not only improper but also amounts to an intimidation tactic that has the effect of deterring those entities from continuing to do business with Ripple. ”
The defense is asking the court to stop the SEC from making a discovery outside of its jurisdiction, requesting an informal meeting on the matter. Furthermore, Ripple is accusing the regulator of violating federal rules by refusing to fully provide its communications with foreign partners.
According to Garlinghouse, about 95% of Ripple’s customers are not from the United States. The San Francisco-based company has signed over 20 partnerships with financial institutions globally since Ripple partnered with the SEC.
“I find a certain irony with bringing a lawsuit against us personally.” / PART 1 pic.twitter.com/d0dN8IdqQA
— Julia Chatterley (@jchatterleyCNN) April 1, 2021
However, it was less fortunate than in the US Last month, Dallas-based MoneyGram decided to sever ties with the distributed ledger technology provider due to its legal predicament.
Even so, Ripple is still working hard to establish new relationships. As AZCoinNews reported, the Australian FinTech firm, Novatti said that it is using RippleNet, Ripple global payments network, to handle cross-border payments between Australia and countries in Southeast Asia, such as the Philippines.
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