TL;DR Breakdown
- Ripple wants Binance evidence in lawsuit against SEC
- SEC vs Ripple becomes one of th biggest crypto court cases
The ongoing legal battle between US regulators, Security and Exchange Commission (SEC), and Ripple lb, developers of XRP crypto, has soaked in Binance exchange, the number one crypto firm.
The exchange firm has been dragged in on the request of Bradley Garlinghouse, the Chief Executive Officer (CEO) of Ripple Lab, who is a defendant in the lawsuit.
Recall that both the SEC and Ripple are in court over allegations that Ripple sold unregistered securities, with Brad Garlinghouse and Chris Larsen aiding and abetting the sale.
Garlinghouse, however, through a letter, has sought to obtain documents from Binance exchange, which are supposedly relevant to the case and unobtainable through other means.
The Ripple CEO relies on the Hague Convention to gather foreign documents that “possesses unique documents and information” regarding the XRP transactions on foreign digital asset trading platforms that the SEC used to file the lawsuit against Garlinghouse.
Why Binance exchange in SEC vs. Ripple case?
The Ripple CEO requires the document, of course, to prove one of his defensive points.
Garlinghouse believes Binance exchange possesses unique documents and information concerning this case, and specifically, concerning the process by which transactions in XRP allegedly conducted by Mr. Garlinghouse on foreign digital asset trading platforms were conducted. This is according to the filing.
Ripple lawyers are trying to dismiss SEC argument that Ripple CEO sold more than 357 million XRP tokens on “worldwide” crypto trading platforms to investors “all over the world.”
The defendant is filing for a dismissal of SEC on claims that SEC can not prove XRP’s domestic offers and sales made in the United States; instead, they rely on overwhelming foreign offers as alleged. They need the Binance exchange document to strengthen its plea to dismissal.
The XRP lawsuit has become one of the biggest cases in the history of crypto. The regulators refused its own, commissioners Hester Peirce and Elad Roisman’s who are crypto-friendly, to comment on the case.
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