Sarah Netburn, the Magistrate Judge, has issued a ruling on whether Ripple will be enabled to post a memorandum of understanding (MoU) in order to request the foreign regulators to retrieve information from the partners of the company and exchanges abroad or not.
After hearing from all the sides and evaluating all the critical information, Magistrate Judge Sarah Netburn will be announcing her verdict in the days to come.
SEC still persists in not disclosing the MOU
A senior trial attorney of the Securities and Exchange Commission (SEC) of the United States, Jorge Tenreiro, stated that the process of the memorandum of understanding (MoU) was not necessary, he also added that the inflow and outflow of money and securities do not end at the borders of a country.
The senior trial attorney of the SEC also said that what Ripple and its executives are essentially asking is to exempt only the SEC and the United States from this multilateral process. The Securities and Exchange Commission (SEC) of the United States claimed that one of the most critical tools in their arsenal is strong cooperation with their counterparts.
Also, the Securities and Exchange Commission (SEC) of the United States does not want to disclose the details of their MOU requests because the information present in those MOUs is privileged. The SEC is currently looking to acquire information from over 14 foreign exchanges, in order to determine if the announcement made by Ripple had an impact on the price of the XRP token or not. They are also targeting 5 partners of Ripple, which are using the On-Demand Liquidity (ODL) solution of the company, which started the intimidating accusations from the defendants.
Ripple accuses the SEC of trying to get an unfair advantage
Ripple has been claiming that the Securities and Exchange Commission (SEC) of the United States is trying to get an unfair advantage over them, also stating that the SEC does not have some special discovery powers which they are trying to attain and the requests put up by them don’t even sound voluntary. Ripple also says that the MOU process is compulsory.