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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, declares that neither Ripple CEO Brad Garlinghouse nor co-founder Chris Larsen has provided any files associated with their accounts on foreign exchanges in a letter to Magistrate Judge Sarah Netburn.

Tenreiro stresses that the offenders are refusing to turn over these records despite positioning "considerable weight" on the truth that they were trading outside the U.S. in their motions to dismiss.

Based on its forensic analysis, the SEC declares that Larsen and Garlinghouse have actually moved numerous 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 actually sent out a slew of Memorandum of Understanding (MOU) requests to foreign regulators.

The SEC is attempting to obtain documents from 14 cryptocurrency exchanges, five business that utilize Ripple's On-Demand Liquidity (ODL) service, and an investor who bought XRP straight from the distributed ledger business.

Countering Ripple's arguments, the agency claims that the federal securities laws do not restrict its ability to send demands to foreign regulators:

" Nor do the federal securities laws restrict the SEC's capability to send out Requests to foreign regulators once the SEC files a civil action versus any particular celebration. The statute does not distinguish between Requests sent during a civil enforcement action for purposes of getting proof in a continuing investigation and those transferred for functions of the lawsuits."

3 foreign regulators have actually prohibited revealing their communications with the SEC while two of them have refused to supply any help.

The regulator specifies that Ripple's demand to turn over these privileged communications is "inappropriate.".

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