US SEC responds to Ripple’s request to stop using foreign requests.

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The SEC’s lawsuit against Ripple has been moving ahead at a furious clip of late, with the same giving way to quite a few interesting revelations. Three days ago, for instance, the ‘discovery conference’ brought to light that the SEC was seeking to reach out to foreign regulators requesting assistance for ‘discovery purposes.’

 

The SEC has asked the Court to deny Ripple’s dual requests. 

The SEC has now filed a letter outlining the two documents that were filed under seal as part of the motion. The securities regulator has asked the Court to deny Ripple’s dual requests for an order requiring the regulatory body to stop using foreign requests and turn over all the material already collected. Ripple’s requests are “devoid of any legal authority on point,” the SEC said. “Requests or requiring the disclosure of communications with foreign regulators could have broad adverse implications for the SEC across a wide array of governmental actions where the agency pursues cross-border cooperation to protect the United States’ capital markets and its investors,” SEC wrote in a letter to the judge. 

 

The SEC has approached foreign regulators through voluntary requests.

The US SEC highlighted in its letter that the defendants still have access to all the documents they obtained and a full opportunity to challenge their admissibility in the Court. There is no reason to prevent the development of a full factual record, SEC added. The US regulator has approached foreign regulators through voluntary requests. The regulatory body went on to point out that its request for assistance does not cease with litigation, with the federal rules not mandating it to turn over privileged materials. Ripple had complained the US SEC has engaged in intimidation tactics to scare off its partners.

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