SEC will now be able to seek assistance from foreign regulators

The Securities and Exchange Commission of the United States aka SEC has been caught up in a case with Ripple. While the case has been going on for several months now, it has been taking various turns. The latest news from the court wasn’t very favorable for Ripple.

Despite Ripple pointing out that XRP wasn’t a security, the SEC wasn’t ready to accept this. When no party involved in the case decided to settle, the case went on to prolong. Ripple has been putting in efforts to prove that it did not sell “unregistered securities.” Trying to determine the same, the platform, urged the court to refrain the financial regulator from seeking help from foreign regulators. This motion was, however, shot down.

SEC leaps forward

In a recent document it was revealed that the judge involved in the case, Sarah Netburn had dismissed Ripple’s plea from stopping the American financial watchdog from contacting foreign regulators. Judge Netburn wrote,

“The Defendants move the Court for an order directing the Securities and Exchange Commission to withdraw its foreign Requests for Assistance (the “Requests”), to stop further discovery through such Requests, and to produce all previously served Requests and any related communications with foreign regulators. The motion is DENIED”

Previously, James K. Filan, a lawyer representing Ripple had revealed that the Judge would most probably vote in favor of the platform. Despite this, Judge Netburn approved the commission’s Memorandum of Understanding [MoU] request. Suggesting that MoU requests were admissible, the document read,

There has been no argument that the Requests exceed the scope of any governing bilateral agreement. Instead, courts have routinely rejected the proposition that the Hague Convention is the exclusive or priority means of conducting foreign discovery.     

While this case persists, XRP was seen dropping down with all the coins. At the time of writing, the altcoin was trading for a low of $1.25.

Sahana Kiran: Experienced Journalist with a demonstrated history of working in the online media industry. Skilled in Photography, Feature Writing, Journalism, Online Journalism, and Web Content Writing. Strong media and communication professional with a Bachelor of Arts - BA focused in Journalism