The US SEC vs Ripple case can come closer to its solution with Magistrate Judge Sarah Netburn's decision to grant Ripple CEO Brad Garlinghouse access to reports of leading crypto exchange Binance.
Related: Ripple Announced On-Demand Liquidity in Japan. XRP Surges
Per the decision announced on August 3, Ripple’s becoming able to hold discovery across the US borders. Garlinghouse’s lawyers filed a motion on August 2. The XRP transaction history received from Binance may show that the operations were implemented outside the SEC's jurisdiction.
The request is a part of the cross-border discovery meant to collect info on all XRP trades that took place on the platform.
As the motion was confirmed, the court will send a letter to Binance on the side of Ripple's executive. Ripple mentions two points against the SEC's accusations: XRP's not being security and being traded on platforms not undergoing the US SEC's regulations. The lawyers of the company stated that Garlinghouse’s sales of XRP were carried out on crypto platforms outside of the USA.Earlier, Ripple executives filed a motion to access docs from Bitstamp, Huobi, and other networks not based in the USA. The legal actions started at the end of 2020, with the SEC submitting papers against the tech company for selling unregistered securities.
XRP is the sixth largest cryptocurrency with over $32.9 B market cap. Currently, the token trades at around $0.7.