{"id":42828,"date":"2021-05-20T12:50:04","date_gmt":"2021-05-20T09:50:04","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=42828"},"modified":"2025-08-31T00:56:46","modified_gmt":"2025-08-30T21:56:46","slug":"judge-allows-sec-to-request-ripple-information-from-foreign-regulators","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/judge-allows-sec-to-request-ripple-information-from-foreign-regulators\/","title":{"rendered":"Judge Allows SEC to Request Ripple Information From Foreign Regulators"},"content":{"rendered":"<p>Magistrate Judge Sara Netburn has allowed the U.S. Securities and Exchange Commission (SEC) to request information about Ripple under a memorandum of understanding (MoU) with foreign regulators.<\/p>\n<p>According to Ripple&#8217;s lawyers, the SEC is trying to intimidate overseas partners and force them to sever ties with the company. In April 2021, the lawyers asked the court to halt this practice.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/XRPCommunity?src=hash&#038;ref_src=twsrc%5Etfw\">#XRPCommunity<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/XRP?src=hash&#038;ref_src=twsrc%5Etfw\">#XRP<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/SEC?src=hash&#038;ref_src=twsrc%5Etfw\">#SEC<\/a> v. <a href=\"https:\/\/twitter.com\/hashtag\/Ripple?src=hash&#038;ref_src=twsrc%5Etfw\">#Ripple<\/a> <a href=\"https:\/\/twitter.com\/sentosumosaba?ref_src=twsrc%5Etfw\">@sentosumosaba<\/a> BREAKING: DISCOVERY DISPUTE REGARDING <a href=\"https:\/\/twitter.com\/hashtag\/SEC?src=hash&#038;ref_src=twsrc%5Etfw\">#SEC<\/a> CONTACTING FOREIGN REGULATORS AND SEEKING DISCOVERY OUTSIDE RULES OF FEDERAL PROCEDURE AND HAGUE CONVENTION. LETTER MOTION ATTACHED.<a href=\"https:\/\/t.co\/53ytaZCjTi\">https:\/\/t.co\/53ytaZCjTi<\/a><\/p>\n<p>\u2014 James K. Filan (@FilanLaw) <a href=\"https:\/\/twitter.com\/FilanLaw\/status\/1383077705818779648?ref_src=twsrc%5Etfw\">April 16, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Ripple contends that the agency should act in accordance with the Hague Convention. It is a slower and less efficient process than the MoU.<\/p>\n<p>Netburn denied Ripple&#8217;s request. In her view, the defendants did not prove that such requests go beyond the scope of any bilateral agreement.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cOn the contrary, courts regularly reject the claim that the Hague Convention is an exclusive or priority means of conducting foreign investigations,\u201d she added.<\/p>\n<\/blockquote>\n<p>Under the order, the SEC must produce all documents obtained in response to the requests. The agency is also ordered to provide copies of previous submissions within 14 days and to report on such actions in the future.<\/p>\n<p>Earlier the SEC <a href=\"https:\/\/u1f987.com\/en\/news\/foreign-regulators-refuse-to-help-the-sec-in-ripple-case\">reached out to nine foreign regulators<\/a> with a request for disclosure of information from 14 trading venues and five companies. Two agencies declined to assist the U.S. authorities, three prohibited disclosing the details of the discussions. The others rejected the request.<\/p>\n<p><a href=\"https:\/\/u1f987.com\/en\/news\/sec-files-suit-against-ripple\">unregistered sale of securities<\/a> disguised as XRP tokens worth $1.3 billion. Later the agency amended the complaint, focusing on the actions of <a href=\"https:\/\/u1f987.com\/en\/news\/sec-clarifies-brad-garlinghouses-liability-in-ripple-lawsuit\">Brad Garlinghouse and Chris Larsen<\/a>.<\/p>\n<p>In December 2020 the SEC charged Ripple and its top executives with the <a href=\"https:\/\/u1f987.com\/en\/news\/sec-files-suit-against-ripple\">unregistered sale of securities<\/a> disguised as XRP tokens worth $1.3 billion. Later the agency amended the complaint, focusing on the actions of <a href=\"https:\/\/u1f987.com\/en\/news\/sec-clarifies-brad-garlinghouses-liability-in-ripple-lawsuit\">Brad Garlinghouse and Chris Larsen<\/a>.<\/p>\n<p>In April 2021, the court granted Ripple&#8217;s motion, ordering the regulator to provide access to documents revealing the SEC&#8217;s \u201cinterpretation and views\u201d regarding <a href=\"https:\/\/u1f987.com\/en\/news\/court-grants-ripples-motion-orders-sec-to-disclose-bitcoin-and-ethereum-documentation\">Bitcoin and Ethereum<\/a>.<\/p>\n<p  style=\" margin: 12px auto 6px auto; font-family: Helvetica,Arial,Sans-serif; font-style: normal; font-variant: normal; font-weight: normal; font-size: 14px; line-height: normal; font-size-adjust: none; font-stretch: normal; -x-system-font: none; display: block;\">   <a title=\"View gov.uscourts.nysd.551082.194.0 on Scribd\" href=\"https:\/\/www.scribd.com\/document\/508593477\/gov-uscourts-nysd-551082-194-0#from_embed\"  style=\"text-decoration: underline;\" >gov.uscourts.nysd.551082.194.0<\/a> by <a title=\"View ForkLog's profile on Scribd\" href=\"https:\/\/www.scribd.com\/user\/456422024\/ForkLog#from_embed\"  style=\"text-decoration: underline;\" >ForkLog<\/a> on Scribd<\/p>\n<p><iframe loading=\"lazy\" class=\"scribd_iframe_embed\" title=\"gov.uscourts.nysd.551082.194.0\" src=\"https:\/\/ru.scribd.com\/embeds\/508593477\/content?start_page=1&#038;view_mode=scroll&#038;access_key=key-bz51FVlzgob58DjIQ1yY\" data-auto-height=\"false\" data-aspect-ratio=\"0.7729220222793488\" scrolling=\"no\" id=\"doc_1372\" width=\"100%\" height=\"600\" frameborder=\"0\"><\/iframe><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Magistrate Judge Sara Netburn has allowed the U.S. Securities and Exchange Commission to request information about Ripple under a memorandum of understanding with foreign regulators.<\/p>\n","protected":false},"author":1,"featured_media":42829,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,112,128],"class_list":["post-42828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-ripple","tag-sec"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42828","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=42828"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42828\/revisions"}],"predecessor-version":[{"id":42830,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/42828\/revisions\/42830"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/42829"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=42828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=42828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=42828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}