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The recent development in the Ripple vs SEC lawsuit has come in defendantās favor. Brad Garlinghouseās Motion to Obtain International Discovery, i.e., Binance Documents from the Cayman Islands has been granted by the court.
#XRPCommunity #SECGov v. #Ripple #XRP Brad Garlinghouseās Motion to Obtain International Discovery has been granted.
ā James K. Filan (@FilanLaw) August 3, 2021
Recently, Garlinghouseās Counsel had submitted a Letter of Request to the court, appealing to obtain Cayman Islandās Binance documents under the Hague Convention of 18 March 1970 on taking of evidence abroad in civil or commercial matters.
The letter deemed the requested documentation as ārelevant to the case and unobtainable through other meansā. Additionally, the defense argued that the following, āpossesses unique documents and informationā particularly to the XRP lawsuit.
It is Critical for Ripple
The defendantās counsel elaborated in its Motion to Obtain plea, that the documents would provide proof that SECās lawsuit against Rippleās XRP sales is invalid under Section 5 of the Securities Act of 1933.
According to SECās claims, Garlinghouse sold 357 million units of XRP on āworldwideā digital asset trading platforms like Binance, to investors āall over the worldā, and violated Section 5 of the Securities Act of 1933. However, the act only applies to domestic sales and offers of securities, contradictory to SECās claims of global violation. Therefore, SEC can only charge Ripple offering services in the US, while the majority of āoverwhelmingā sales according to the SEC, were on foreign lands.
āAs the SEC knows, Mr. Garlinghouseās sales of XRP were overwhelmingly made on digital asset trading platforms outside of the United States [ā¦] the discovery that Mr. Garlinghouse seeks will be relevant to demonstrating that the offers and sales that the SEC challenges did not occur in this country and are not subject to the law that the SEC has invoked in this case.ā, the letter stated.
Motion to Dismiss
Binance documentation as proof for invalidating SECās claims under Section 5, can potentially lead to winning the motion to dismiss by the defendants. In the letter, the defense has highlighted that these documents can be used as the ground for their plea to dismissal, the majority of sales and offerings were outside the US.
The post SEC vs Ripple: Judge Grants Request For Binance Documents; Why is it Critical for Ripple? appeared first on Coingape.
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