In a development that could have a far-reaching impact on the cryptocurrency industry, Ripple’s executives have filed a motion requesting the Securities and Exchange Commission (SEC) to look into documents of 15 foreign cryptocurrency exchanges that are allegedly manipulating the price of XRP. According to an official statement from the company, the 15 exchanges, which are based in Singapore, Japan, Thailand, Taiwan, Germany, and the United Kingdom, are “conspiring to manipulate the price of XRP through coordinated book-building and wash trades”.
Ripple claims it is a blockchain company, but the real work it does is managing its own cryptocurrency, known as XRP. It is not a decentralized network like Bitcoin, nor is it an e-commerce platform like Kickstarter, Amazon, or Alibaba. Instead, it’s a centralized company that’s created an asset and a token.
On August, 24, 2018, the SEC filed a motion to intervene in the ongoing investigation of 15 crypto exchanges and banks for allegedly failing to register with the SEC as a national securities exchange or a broker-dealer. On this very day, the agency filed a motion to intervene in the investigation of just one more crypto trading platform—Ripple.Executives from Ripple, the San Francisco-based blockchain payment giant, have filed a new petition asking the U.S. Securities and Exchange Commission (SEC) to review filings from international digital currency exchanges, believing these filings will prove that Section 5 of the Security Act was not violated by the company’s executives.
Ripple requests documents from fourteen international cryptocurrency exchanges
The new filing was made by former Ripple board member Chris Larsen and CEO Brad Garlinghouse. An independent commission, the US Securities and Exchange Commission, has been asked to examine the records of 14 offshore digital currency exchanges. These fourteen cryptocurrency exchanges include iFinex, parent company Bitfinex, ZB Network Technology, Bitforex, Upbit Singapore, Bithumb, OKEx, Bitlish, Korbit, BitMart, Huobi Global, AscendEX, HitBTC, Bitrue Singapore, Coinbene, and cryptocurrency exchange Bistamp. The SEC filed a complaint against Ripple and its executives in December 2020, accusing Brad Garlinghouse and Chris Larsen of making $1.3 billion in profits through the alleged sale of unregistered securities. However, these claims have been clearly refuted by Ripple executives. According to officials from Garlinghouse and Chris Larsen, the sales did not take place on local exchanges, but on foreign digital currency trading platforms. Therefore, they may not be subject to the jurisdiction of the Securities and Exchange Commission. As they noted: For transactions on these foreign trading platforms, the offers of XRP and the sales of XRP took place on the books and records of the respective platforms and thus geographically outside the United States. The SEC’s failure to report insider bids and sales should be fatal to their claims.Ripple (XRP) is the name of a cryptocurrency that has become very popular. Essentially it’s a tool for moving money between banks, and has been in wide use for over a year now. Since its creation in 2012, XRP has gained a lot of attention from financial analysts and has experienced a lot of growth in value.. Read more about xrp price prediction and let us know what you think.
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