Lawyers for Ripple chief executive Brad Garlinghouse and co-founder Chris Larsen have filed a motion in the Southern District of New York seeking documents from Binance Holdings Limited, the Cayman Islands-registered company linked to the bitcoin exchange, according to attorney James Filan.
#xrpcommmunity #SECGov v. #Ripple #XRP Defendant Brad Garlinghouse files Motion to Obtain International Discoveryhttps://t.co/yVvvrDawnghttps://t.co/rA48FH67M5
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) August 2, 2021
The motion was filed in the ongoing dispute with the SEC. The lawyers requested documents, “relating to the case and not accessible by other means,” from Binance Holdings Limited, registered in the Cayman Islands.
Lawyers cite provisions of the U.S. Department of State and the Hague Convention. They urge the court to forward a letter to the Central Authority of the Cayman Islands seeking the evidence.
“Mr. Garlinghouse seeks disclosure on the basis of good faith belief that [Binance Holdings Limited] possesses unique documents and data relating to this matter, and, in particular, the process by which XRP trades were conducted on overseas platforms, allegedly on behalf of the defendant”, the cover letter to the motion states.
Thus, Ripple intends to challenge the regulator’s claim that the CEO sold more than 357 million XRP to investors on the public market. Lawyers contend these trades should not be subject to the proceedings, as they fall outside the securities laws enforced by the SEC.
Back in July, Ripple lawyers sought an SEC investigation into the activities of overseas exchanges. Company executives have insisted that the regulator should request documents from iFinex, Bithumb, Bitstamp, Huobi Global, OKEx, Upbit Singapore and a number of other foreign platforms.
Respondents argue that the records would prove they did not violate Section 5 of the Securities Act of 1933, which prohibits the sale of unregistered securities on U.S. soil.
As reported in July, Ripple lawyers filed additional notices in support of the request to dismiss the case, calling the SEC’s allegations unfounded.
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