By Shelly Melancon (Switzerland)
Legal representatives of Ripple CEO, Brad Garlinghouse, filed a motion on his behalf for more discovery as he continues to battle the U.S. Securities and exchange commission in court. Garlinghouse seeks a document from the Cayman Islands subsidiary of Binance holdings limited. Garlinghouse representatives seek that the court grants their request based on The Hague convention for their defendant to obtain help from the Cayman Islands central authority.
Garlinghouse Seeks Documents From Binance Cayman Islands
The Ripple CEO is convinced the Binance subsidiary has XRP-related documents that can help his case against the U.S. Securities and exchange commission (SEC).
His defense counsel said, “Mr. Garlinghouse seeks international discovery because he believes that the said entity has unique docs related to his case, especially the process by which Mr. Garlighouse conducted his XRP transactions on foreign digital assets.”
They also said the SEC couldn’t accuse their client of any domestic offers despite amending their complaint. The best option for Mr. Garlinghouse to dismiss this lawsuit is to obtain more international discovery.
A Similar Request Was Sought Two Months
Two months ago, Ripple co-founders, Chris Larsen and Brad Garlinghouse, filed a similar motion to get information from 14 crypto exchanges such as BitStamp, Bithumb, and Ifinex (Bitfinex’s parent company). The good news for Garlinghouse was that his request was granted by the magistrate judge Sarah Netburn who is in charge of discovery disputes.
Also read:According to the Ripple CEO’s defense counsel, the SEC isn’t against this recent motion. Three months ago, Judge Netburn, also approved that SEC could keep in constant contact with their international colleagues to retrieve docs from crypto exchanges and Ripple’s international partners.
As previously reported, the court extended the Ripple case by two months as requested by the SEC. Likely, the pre-trial discovery phase won’t be over till late October 2021. The SEC issued legal actions against XRP’s parent company and its executives late last year, citing illegal XRP sales.
XRP Price Stalls Too
Following its July 20 swing low, the XRP price seems to be on a 55% rally. But XRP price seems to stall after its 11-day rally the same way Ripple’s case with the SEC continues to stall. It remains stuck between two major levels.
Late last month, Ripple cited two SEC commissioners’ statements (Elad Roisman and Hester Peirce) as support against SEC’s motion of a fair notice defense. Legal representatives of the blockchain company argued that the law isn’t clear on how securities laws apply to the virtual asset world.
In their response, sec also argued that the commissioners’ opinions and the SEC positions are different. It still maintains that Ripple disobeyed securities law. Citing the cases of Kik and Telegram, Ripple’s defense argued that the blockchain firm’s executives couldn’t be accused of defiance of the law when they know the repercussions of their actions. Based on the current circumstances, attorneys experienced in such cases opined that it is improbable that there would be any resolution to this SEC-Ripple battle soon.
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