The battle between Ripple and the US Securities and Exchange Commission (SEC) intensifies. The latter forwarded another letter to Sarah Netburn, in which it wrote to the district court judge defending its decision to contact the regulator.
SEC Claims to Seek Information for Assistant Against Ripple
The agency claims it solicits information from overseas companies to refute some of Ripple’s key defenses. In particular, it tried to find out whether Ripple’s activity is tied to the price of the associated XRP token. Retrieving intraday transaction data from Forex is the only way to determine this, as Defendants themselves claim that it is the only repository for pricing information:
“Furthermore, the requests seeks evidence critical to rebut defenses Ripple has raised. These include, for example, Ripple’s defense that Ripple’s activities do not determine XRP’s price.
The Regulators Requirements are not Legally Binding
The SEC claims to be soliciting information on 20 foreign companies and their affiliates. The statement said that if a foreign company is found to be onerous or inappropriate, it can reject its Memorandum of Understanding (MOU) requirements.
Ripple’s lawyers claimed in a letter that more than 20 companies targeted by the US Securities and Exchange Commission are based in the UK, Singapore, and Japan, and local regulators believe that XRP is not a security.
