Just a few days after filing a motion to receive access to “obtain international discovery” of records belonging to Binance, US Magistrate Judge Sarah Netburn has approved Ripple’s request. The documents should shed some light on the company’s XRP sales made on the exchange.
- Through its legal team, Brad Garlinghouse, the CEO of Ripple, filed a motion in the Southern District of New York on Monday (August 2nd) to request documents relevant to the ongoing legal case against the SEC from Binance Holdings Limited.
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The filing reads that Ripple’s executive “seeks foreign discovery on the basis of his good faith belief that [Binance] possesses unique documents and information concerning the case, and specifically, concerning the process by which transactions in XRP allegedly conducted by Mr. Garlinghouse on foreign digital asset trading platforms were conducted.”
- US Magistrate Judge Sarah Netburn has approved the motion, and the court “will communicate with the council to arrange delivery of the letters.”
- The SEC’s securities act applies only to domestic offers and sales, which contradicts what the Commission is trying to prove. In contrast, Ripple’s legal team claims that “Mr. Garlinghouse’s sales of XRP were overwhelmingly made on digital asset trading platforms outside of the United States.”
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“The Supreme Court has held that Section 5 of the Securities Act of 1933, which the SEC alleges Mr. Garlinghouse violated, applies only to domestic sales and offers of securities.”
