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The case that was ongoing between the SEC and fintech firm Ripple took yet another turn when the company was allowed to review Binance. Judge Sarah Netburn, the US Magistrate Judge, gave the firm the motion to ‘Obtain International Discovery’ of the records of Binance. According to the docket provided, the approval was pushed forward on the 3rd of August while a duplicate request was henceforth denied.
As has been reported, the SEC has claimed that Brad Garlinghouse sold more than 357 million XRP tokens on the platforms of crypto trading to investors throughout the world.
Ripple’s Struggle With the SEC
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The legal team that represented the CEO of Ripple, Garlinghouse, requested several documents that were considered to be relevant to the case in hand- which were also unobtainable through other means. The filing also stated that the CEO of the fintech firm was seeking foreign discovery through good faith belief that the platform had unique documents and information that were extremely important to the case.
The records have vested concerns in the transactions of XRP that were said to be conducted by Garlinghouse. They also seem to be providing evidence that the executive of the firm made the very transactions outside SEC’s jurisdictions.
The legal team of Ripple has cited Section Five of the Securities Act of 1933, which states that the alleged sales of illegal XRP would simply apply to securities offers and domestic sales. The lawyers have also stated that the sale of XRP by Garlinghouse was overwhelmingly made on trading platforms that are outside the country- and therefore not subjected to the law that has been invoked by the SEC.
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Ripple has also argued that the SEC doesn’t have the authority to regulate the XRP as a security due to the medium of exchange that would be used for domestic and international transactions. In the middle of July, Judge Netburn did allow the firm to depose William Hinman for his statements about Ethereum.
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