This week, the ongoing lawsuit between the U.S. Securities and Exchange Commission (SEC) and fintech firm Ripple took another turn when the company received access to Binance’s documents.
Judge Sarah Netburn, U.S. Magistrate, decided to grant Brad Garlinghouse’s motion to Obtain worldwide discovery of Binance records. According to the docket, the approval went into force on August 3 after denying a duplicate request.
The CEO of Ripple approved access of XRP transactions to Binance documents.
The managing judge in Ripple’s continuing lawsuit with the Exchange and Securities Commission, Sarah Netburn, granted Brad Garlinghouse’s motion to get documents from Binance.
Garlinghouse is one of the defendants in the lawsuit. This case was filed by the SEC for a violation of the Securities Act of 1934.
Last week, the legal team filed a motion demanding data on XRP sales from the largest cryptocurrency exchange, Binance.
The request is a part of the foreign discovery process to collect data on all XRP sales on the exchange.
The motion was newly approved, which is a small win for Ripple and not unexpected.
On behalf of Garlinghouse, the court plans to publish a Letter of Request addressing the Cayman Islands-based exchange.
In the lawsuit filed in 2020, the SEC claimed that Ripple, executive chairman Chris Larsen, and CEO Brad Garlinghouse sold unregistered securities. These securities profited $1.5 billion in sales during eight years. Ripple’s legal team has refuted the allegation and cited the Lack of Clarity Defense. They also said that the SEC did not define its securities regulations. Now, they try to work on another defence. By showing XRP sales, the Ripple team plans to prove that the SEC might not have authority in such deals. In that case, Binance is an essential source of data on XRP sales.
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