U.S. Court allows Ripple’s motion to obtain Binance documents in the SEC lawsuit.

In the ongoing case between fintech firm Ripple and the U.S. Securities and Exchange Commission (SEC), Ripple has been granted access to Binance's documents.

U.S. Magistrate Judge Sarah Netburn granted Ripple’s motion to obtain Binance’s documents in the ongoing lawsuit. U.S. Magistrate Judge Sarah Netburn allowed CEO Brad Garlinghouse’s motion to “Obtain international discovery” of Binance records. It is believed that the documents could provide critical evidence that could prove Ripple’s CEO Garlinghouse was acting outside the jurisdiction of the U.S SEC. 

 

Ripple is facing a lawsuit for selling unregistered securities. 

According to the docket, the Court granted the motion on August 3, 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,” the official document noted. Ripple is currently facing a lawsuit for allegedly selling unregistered securities. The U.S SEC claims that Garlinghouse sold more than 357 million XRP tokens on crypto trading platforms to investors “all over the world.” Earlier, Ripple’s legal team had requested documents “relevant to the case and unobtainable through other means” from Binance Holdings Limited on August 2.

 

Ripple’s legal team claims XRP sales were out of SEC jurisdiction. 

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, claiming the alleged illegal XRP sales applied only to domestic sales and securities offers. The lawyers stated that XRP sales of XRP in question 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.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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