A US Judge granted Ripple access to Binance documents in an SEC case as we are reading more in today’s Ripple news.
A few days after filing a motion to receive access to “obtain international discovery” of records that belong to Binance, US Magistrate Judge Sarah Netburn approved Ripple’s request. The documents will likely shed some light on the company’s sales made on the exchange. Through its legal team, the CEO of Ripple Brad Garlinghouse filed a motion in the Southern District of New York on Monday to request documents relevant to the legal case against the SEC from Binance holdings limited.
The filing read 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.”
The US Judge granted Ripple access to documents and the court will communicat3e with the council to arrange delivery of the letters. The SEC securities act applies to domestic offers and sales which contradicts what the Commission wanted to prove. Ripple’s legal team claimed that Garlinghouse’s sales of XRP were made on digital assets trading platforms outisde of the United Stated:
“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.”
Speaking of the SEC, we reported that SEC Chair Gensler agreed with his predecessor Jay Clayton that each ICO is a security and he said that he believes trading platforms could have already listed securities. Gensler reiterated earlier comments that the stock tokens and stable value tokens backed by securities are securities in his view which means that they have to be registered and issuers have to abide by the federal laws.
Gensler hinted at how his agency could approach ETFs as well as more than a dozen industry participants filed applications to launch a BTC ETF over the past year. Gensler noted that the investment vehicles with exposure to crypto-like mutual funds already exist. While Gensler didn’t comment on the proposals themselves, he called out the importance of having investors’ protections that are codified into law.
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