Ripple granted access to Binance’s records in SEC securities case

physical metal golden ripplecoin currency others coins worldwide virtual internet money digital ripple coin cyberspace cryptocurrency gold xrp good investment future online payment scaled

The documents may provide critical evidence that CEO Brad Garlinghouse was acting outside of the SEC’s jurisdiction.

The ongoing case between fintech firm Ripple and the United States Securities and Exchange Commission took another turn this week when the company was granted access to Binance’s documents.

U.S. Magistrate Judge Sarah Netburn granted Ripple CEO Brad Garlinghouse’s motion to “obtain international discovery” of Binance records. According to the docket, the approval was made on Tuesday while a duplicate request was denied:

“ORDER granting 274 Letter Motion for Discovery. The Court will communicate with counsel to arrange delivery of the letters.”

As part of the case against Ripple for selling unregistered securities, the SEC claims that Garlinghouse sold more than 357 million XRP tokens on crypto trading platforms to investors “all over the world.”

The legal team representing Garlinghouse requested documents “relevant to the case and unobtainable through other means” from Binance Holdings Limited on Monday.

The filing stated that the Ripple CEO sought foreign discovery on the basis of his good faith belief that Binance possessed unique documents and information concerning this case. The records concern XRP transactions that were allegedly conducted by Garlinghouse and may provide evidence that the Ripple executive made the transactions outside the jurisdiction of the SEC.

Ripple’s legal team cited Section Five of the 1933 Securities Act, stating the alleged illegal XRP sales applied only to domestic sales and securities offers. The lawyers stated that Garlinghouse’s sales of XRP were “overwhelmingly made on digital asset trading platforms outside of the United States” and are not subject to the law that the SEC has invoked.

In June, Garlinghouse and Chris Larsen filed a motion petitioning international authorities to request documents from several other non-U.S.-based crypto exchanges, including Bitstamp, Huobi and Upbit.

Related: SEC accuses XRP Army of issuing ‘false statements’ against its leadership on social media

Ripple also argues that the SEC cannot regulate XRP as a security because it is a medium of exchange used for international and domestic transactions. In mid-July, Judge Netburn allowed the firm to depose William Hinman, a former SEC official who stated publicly that Ether (ETH) was not a security.

The lawsuit began in December 2020 when the SEC filed against Ripple, alleging that Garlinghouse and co-founder Larsen had been conducting an “unregistered, ongoing digital asset securities offering” with their XRP token sales.

Ronnie Huss

Ronnie Huss

Leave a Reply

Your email address will not be published. Required fields are marked *

Share:

Share on telegram
Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

Related Posts

bitcoin
Bitcoin (BTC) $ 37,925.16
ethereum
Ethereum (ETH) $ 2,049.44
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 229.88
xrp
XRP (XRP) $ 0.611141
solana
Solana (SOL) $ 58.36
usd-coin
USDC (USDC) $ 0.999030
staked-ether
Lido Staked Ether (STETH) $ 2,048.91
cardano
Cardano (ADA) $ 0.384871
dogecoin
Dogecoin (DOGE) $ 0.080959
tron
TRON (TRX) $ 0.103050
the-open-network
Toncoin (TON) $ 2.42
chainlink
Chainlink (LINK) $ 14.55
avalanche-2
Avalanche (AVAX) $ 20.80
matic-network
Polygon (MATIC) $ 0.752524
polkadot
Polkadot (DOT) $ 5.28
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 37,883.15
dai
Dai (DAI) $ 0.998848
litecoin
Litecoin (LTC) $ 69.80
shiba-inu
Shiba Inu (SHIB) $ 0.000008
uniswap
Uniswap (UNI) $ 6.27
bitcoin-cash
Bitcoin Cash (BCH) $ 223.31
leo-token
LEO Token (LEO) $ 3.87
okb
OKB (OKB) $ 57.09
stellar
Stellar (XLM) $ 0.118508
true-usd
TrueUSD (TUSD) $ 0.998167
monero
Monero (XMR) $ 167.09
kaspa
Kaspa (KAS) $ 0.132921
cosmos
Cosmos Hub (ATOM) $ 9.28
ethereum-classic
Ethereum Classic (ETC) $ 18.83
crypto-com-chain
Cronos (CRO) $ 0.091761
filecoin
Filecoin (FIL) $ 4.52
lido-dao
Lido DAO (LDO) $ 2.32
internet-computer
Internet Computer (ICP) $ 4.57
hedera-hashgraph
Hedera (HBAR) $ 0.061036
aptos
Aptos (APT) $ 7.00
near
NEAR Protocol (NEAR) $ 1.83
thorchain
THORChain (RUNE) $ 6.08
binance-usd
BUSD (BUSD) $ 1.00
immutable-x
Immutable (IMX) $ 1.32
mantle
Mantle (MNT) $ 0.527588
vechain
VeChain (VET) $ 0.021579
optimism
Optimism (OP) $ 1.71
quant-network
Quant (QNT) $ 99.66
bittensor
Bittensor (TAO) $ 250.48
aave
Aave (AAVE) $ 96.91
injective-protocol
Injective (INJ) $ 16.56
the-graph
The Graph (GRT) $ 0.146889
maker
Maker (MKR) $ 1,482.46
arbitrum
Arbitrum (ARB) $ 1.02