- Ripple, permitted access to Binance’s document.
- The permission granted on August 3.
- The case began in 2020 SEC filed a case with Ripple asserting
In the existing lawsuit between fintech firm Ripple (XRP) and the U.S. Securities and Exchange Commission (SEC), this week the company permitted access to the world’s largest cryptocurrency exchange, Binance’s document.
More so, U.S. Magistrate Judge Sarah Netburn permitted Ripple CEO Gralinghouse’s motion to acquire international discovery of Binance records. The permission granted on August 3 while the duplicate request declined. Accord to the docket, ”ORDER granting 274 Letter Motion for Discovery. The Court will communicate with counsel to arrange delivery of the letters”.
Accordingly, Ripple CEO Brad Garlinghouse’s motion involved as part of the ongoing court case filed by the SEC. It claiming that Ripple’s sale of XRP was unauthorized security offering worth more than $1.38 billion.
On August 2, the legal team representing Garlinghouse requested documents related to the lawsuit and unattainable through other means from Binance Holdings Limited.
Furthermore, the filing noted, the CEO of Ripple sought foreign discovery on the basis of trust that Binance possessed unique documents and information concerning this case. The records concern Ripple (XRP) transaction purportedly organized by Garlinghouse. And may provide evidence that Ripple executive made the transactions outside the jurisdiction of the SEC.
Hence more, the international discovery can serve as proof for disproving Securities and Exchange Commission (SEC) claims under section 5 of the Securities Act of 1933. And potentially lead to winning the motion to dismiss by the opponent.
However, the case began in 2020 SEC filed a case with Ripple asserting that the CEO and co-founder of Ripple have organized the unauthorized, existing crypto-asset securities offering along with their XRP token sales.
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