The SEC has filed a lawsuit against Binance for allegedly violating securities laws. While the exchange is fighting the charges, it turns out that Ripple (XRP) had access to some of Binance’s documents in the case and could have potentially altered them.
The xrp sec is a cryptocurrency that has been in the news recently. It was mentioned in a lawsuit filed by the SEC against Binance.
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News from the Exchange
- Binance’s whitepaper was granted access by Ripple.
- On August 3, the authorization was given.
- The lawsuit started in the year 2020. The SEC has filed a complaint against Ripple.
In the ongoing litigation between Ripple (XRP) and the Securities and Exchange Commission (SEC), the business last week granted access to the paperwork of Binance, the world’s biggest cryptocurrency exchange.
Furthermore, U.S. Magistrate Judge Sarah Netburn granted Ripple CEO Gralinghouse’s request for international Binance records discovery. On August 3, the authorization was granted, but the duplicate request was denied. ”ORDER granting 274 Letter Motion for Discovery,” according to the docket. The Court will contact lawyers to coordinate the distribution of the letters.”
As a result, Ripple CEO Brad Garlinghouse’s petition was included in the SEC’s current court action. It claims that Ripple’s sale of XRP constituted an illegal $1.38 billion securities offering.
On August 2, the legal team representing Garlinghouse sought from Binance Holdings Limited documents relevant to the case that were not available via other methods.
Furthermore, according to the petition, Ripple’s CEO requested international discovery based on his belief that Binance had unique records and information relevant to the lawsuit. The documents pertain to a Ripple (XRP) transaction allegedly orchestrated by Garlinghouse. And it may show that Ripple executives conducted transactions outside of the SEC’s authority.
Furthermore, the overseas finding may be used to refute statements made by the Securities and Exchange Commission (SEC) under Section 5 of the Securities Act of 1933. And it may lead to the opponent’s request to dismiss being granted.
However, in 2020, the SEC filed a lawsuit against Ripple, alleging that the company’s CEO and co-founder orchestrated an illegal, existent crypto-asset securities offering in conjunction with their XRP token sales.
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