December 9, 2022
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XRP Process Update: Ripple CEO is Looking for Binance Documents

Ripple defendants continue to search for documents to strengthen the company (and also individual actors) in the SEC’s lawsuit over alleged illegal sales of XRP

Attorneys representing Ripple CEO Brad Garlinghouse in the case against the US Securities and Exchange Commission (SEC) filed a motion for additional international discovery on August 2nd.

Garlinghouse is seeking evidence from Binance Holdings Limited, a Cayman Islands-based subsidiary of the world’s largest cryptocurrency exchange.

Citing the Hague Convention, the defense is asking the court to issue a Letter of Requirement on behalf of the defendant to seek assistance from the Cayman Islands Central Authority.

Chief Ripple believes the Binance entity has unique documents about its XRP transactions, which makes them relevant to the case:

“Mr. Garlinghouse seeks discovery abroad based on his good faith belief that the listed entity has unique documents and information about this case and specifically about the process by which the XRP transactions allegedly conducted by Mr. Garlinghouse in trading platforms of foreign digital assets we were led.”

Garlinghouse’s lawyers continue to insist that the SEC failed to plead domestic offers in its amended complaint, and obtaining additional evidence could support the senior executive’s pending action to reject the lawsuit that was filed in April.

In June, Ripple co-founder Chris Larsen, who was also named as a single defendant in the case, filed a similar motion to obtain documents from a total of 14 cryptocurrency exchanges, including Bitfinex’s parent company, iFinex, Bithumb, Bitstamp and others with notable names.

Judge Sarah Netburn, who presides over the discovery disputes, gave the green light to the request.

Garlinghouse’s lawyers say the SEC does not oppose the latest motion.

In May, Judge Netburn also ruled that the regulator could continue to send requests to foreign counterparties to receive documents from Ripple’s foreign partners and cryptocurrencies.

According reported by U.Today, the court granted the SEC’s request to extend the discovery in the Ripple case for 60 days.

The pre-test discovery phase will drag on until October 15th.

The SEC filed its successful lawsuit against Ripple and its top executives in late December for allegedly illegal XRP sales.

Source: U.Today

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