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      SEC v. Ripple Labs – Ripple Labs about to deliver a fatal blow - Stocks Telegraph

      By Muskan

      Published on

      June 3, 2021

      6:17 AM UTC

      SEC v. Ripple Labs – Ripple Labs about to deliver a fatal blow - Stocks Telegraph

      The SEC had amended its complaint from the sale of XRP as unregistered security to the US public to public investors all over the world. Ripple Labs has filed a motion in response to requesting documents from offshore exchanges which the council believes will prove that the executives of Ripple Labs Chris Larsen and Brad Garlinghouse did not violate Section 5 of the Securities Act.

      The documents have been requested from iFinex, Bitforex, Bithumb, Bitlish, BitMart, AscendEX, Bitrue Singapore, Bitstamp, Coinbene, HitBTC, Huobi Global, Korbit, OKEx, Upbit Singapore, and ZB Network Technology with assistance from authorities of the Cayman Islands, Singapore, South Korea, Hong Kong, UK, Malta, and Seychelles.

      The United States Securities Exchange Commission vs. Ripple Labs may be one of the most anticipated legal battle in the crypto sphere. The SEC decided to go head-to-head with the organization behind the seventh largest cryptocurrency in the market in December of 2020. The SEC alleged that Ripple Labs has issued millions worth of XRP as unregistered tokens. While Ripple Labs denies the allegation, the verdict in the lawsuit will decide the future of XRP.

      Both the parties have been active on the front with motions going to the presiding judge left and right. While it is too early to foresee which party may come out victories, team Ripple had been cheering on the blows that Ripple labs have managed to land on the SEC.

      The SEC had filed a motion to discovery of the subjective opinion of Ripple Labs during conversations with the council. However, the motion was denied by the judge magistrate Sarah Netburn. While the judge has granted Ripple Labs access to internal memos of the SEC in order to support its claim that the SEC is biased against XRP.

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