Stock Exchange Commission (SEC): Are Ripple activities related to XRP token price?
Ripple's exploratory feuds with the US Securities and Exchange Commission are heating up with another letter to Judge Sarah Netborn, defending the decision to contact foreign lawmakers.
The agency claims that it seeks information from overseas entities to refute some of the company's key defenses.
In particular, it is trying to find out whether Ripple activities are related to the price of the XRP token. Obtaining daily trading data from foreign exchange offices is the only way to determine this. Because defendants claim that they are the only sources of pricing information:
"In addition, there is a growing demand for evidence for Ripple's defense. One of these cases is Ripple's defense, which claims that the price of XRP is not determined by Ripple activity. D.E. "51 ¶ 13, a defense to which the daily trading price of XRP on foreign platforms (used by Ripple, which Ripple says is the only source of this pricing information) is unquestionably relevant."
The SEC application is not legally binding
The Securities and Exchange Commission claims to be seeking information from 20 foreign entities and their affiliates.
The statement said foreign entities could reject MOU requests if they thought they were "heavy" or "inappropriate".
Ripple's lawyers claimed in their letter that more than 20 SEC targets are based in the United Kingdom, Singapore and Japan, countries where local lawmakers have recognized that XRP is not a security.