The United States Security and Exchange Commission [SEC], may have a lot more on its plate for the weeks ahead, as the CEO of Ripple Brad Garlinghouse, along with its chief Chris Larsen have filed for the regulatory body to investigate a handful of exchanges.
SEC to investigate 15 exchanges in the weeks ahead
As the cryptocurrency market battles on the charts against the bear trend which continues to resurface, the other end of the market is also dealing with its fair share of legal blows.
Yesterday, Ripple’s Brad Garlinghouse and Chris Larsen tasked the SEC with the job of probing into 15 different cryptocurrency exchanges, most of which are home to millions of global users who contribute to the market’s daily trading volume.
Huobi Global, Bitforex, Bithumb, ZB Network Technology, AscendEX, Bitrue Singapore, Bitstamp, Upbit, HitBTC, iFinex, Huobi Global, Korbit, OKEx, Coinbene, Singapore, BitMart, Bitlish, and Bitforex were among the list of firms the Ripple bosses want the SEC to acquire documents from.
The new filing could give the Ripple executives more relevant data to help boost their argument through the current legal battle with the SEC.
Gaining data on iFinex, which is a Chinese based firm that operates both Tether and Bitfinex, could be of use to Ripple’s case, as the founders had previously argued that a thorough inspection of the Bitcoin network by the SEC could help prove that XRP, Bitcoin, as well as Ethereum’s ETH, have similar structures, and as such, the former should not be classified as a security.
Ripple continues to sustain more legal wins
The team at Ripple seems to be on higher grounds these past months, as the trajectory of the legal case seems to be favoring the payment company. Recall that the SEC was unable to gain access to internal communications made between Ripple and the legal counsel, as the court ruled against the regulatory body’s request. XRP has reacted to the ongoing events positively as weekly losses have successfully corrected.
The road ahead looks bright for Ripple, as Garlinghouse continues to hammer on the possibility of the firm relocating amid the continuous legal woes from the U.S regulatory bodies. In one of his most recent tweets, he can be quoted saying the following:
“10yrs later, the US still lacks a clear regulatory framework for crypto. Assets like XRP are open-source + global by nature, & hundreds of projects are building w/ XRPL. Innovation can’t be stopped, it may just thrive out of the US.”