Key Takeaways
- The court in Ripple’s ongoing lawsuit with the SEC has granted Brad Garlinghouse’s motion to obtain documents from Binance.
- The motion was filed to gather data on all XRP sales made on Binance, the largest crypto exchange by trading volume.
- The Ripple team plans to show that the SEC may not have jurisdiction over XRP sales that occurred outside of the U.S.
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Brad Garlinghouse, CEO of Ripple, has been granted to seek data on XRP transactions from Binance.
Court Grants Motion To Obtain XRP Documents
The CEO of Ripple has been approved access to Binance documents of XRP transactions.
Sarah Netburn, the presiding judge in Ripple’s ongoing lawsuit with the Securities and Exchange Commission, has granted Brad Garlinghouse’s motion to obtain documents from Binance.
Garlinghouse is one of the defendants in the lawsuit filed by the SEC for an alleged violation of the Securities Act of 1933.
Last week, the legal team representing Garlinghouse filed a motion requesting data on XRP sales from Binance, the largest cryptocurrency exchange by trading volume.
The motion of request was made as part of the foreign discovery process by Ripple to gather data on all XRP sales made on the exchange.
The motion was recently approved, which is not surprising as the SEC did not object to it. The approval has been considered a small win for Ripple in the legal case.
The court will now issue a Letter of Request to the Cayman Islands-based exchange on behalf of Garlinghouse. If Binance heeds to the request, it will provide documents that may be used as evidence in the case.
In the lawsuit filed in December 2020, the SEC alleged that Ripple and its executives, CEO Brad Garlinghouse and executive chairman Chris Larsen, sold unregistered securities profited $1.3 billion in unregistered security sales over the span of eight years.
The allegation has been refuted by Ripple’s legal team. They also recently cited the “Lack of Clarity” Defense and said that the SEC did not make its securities regulations clearer. Now, they have planned another defense.
By showing XRP sales that occurred outside the U.S., the Ripple team plans to show that the SEC may not have jurisdiction over such sales.
In that regard, Binance is an important source of data on XRP sales. Previously, Ripple was allowed to seek similar data from other exchanges where XRP sales were made, including Bitfinex, Bithumb, Bitstamp, HitBTC, Huobi Global, and OKEx.
