Ripple’s motion for access to Binance’s record in SEC case granted
Another turn this week in the ongoing suit between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) as the defendant was granted access to Binance’s documents.
On Tuesday, Ripple Chief Executive Officer, Brad Garlinghouse’s motion to “Obtain international discovery” of Binance records was granted by Judge Sarah Netburn. This According to the docket:
“ORDER granting 274 Letter Motion for Discovery. The Court will communicate with counsel to arrange delivery of the letters.”
Garlinghouse’s legal team had previously requested documents “relevant to the case and unobtainable through other means” from Binance Holdings Limited on August 2. As part of the claims made against Ripple, the SEC alleges Garlinghouse sold over 357 million XRP tokens on crypto trading platforms to investors “all over the world.” Binance documents are therefore needed to provide clarity in the matter.
The August 2 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.
In the filing, the lawyers further cited Section Five of the Securities Act of 1933, which alleges illegal XRP sales would only apply to domestic sales and offers of securities:
“As the SEC knows, Mr. Garlinghouse’s sales of XRP were overwhelmingly made on digital asset trading platforms outside of the United States […] the discovery that Mr. Garlinghouse seeks will be relevant to demonstrating that the offers and sales that the SEC challenges did not occur in this country and are not subject to the law that the SEC has invoked in this case.”
On June 2, Garlinghouse and his co-defendant Larsen filed a motion petitioning international authorities to request documents from several non-U.S.-based crypto exchanges including iFinex, Bitforex, Bithumb, Bitlish, BitMart, AscendEX (formerly Bitmax), Bitrue Singapore, Bitstamp, Coinbene, HitBTC, Huobi Global, Korbit, OKEx, Upbit Singapore, and ZB Network Technology
The latest on the lawsuit is that the pre-trial discovery process will end October 15, nearly a year after the lawsuit was filed by the SEC.
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Author: Peter Siu