- Ripple CEO Brad Garlinghouse’s lawyers have filed a request for Binance documents containing possible evidence “relevant to the case.”
- The firm and its two top execs were sued by the SEC last year for selling XRP tokens illegally.
Brad Garlinghouse’s lawyers are requesting for Binance’s documents to challenge the U.S. Securities and Exchange Commission (SEC) lawsuit against Ripple. Garlinghouse, the CEO of Ripple Labs, was sued by the SEC alongside Chairman Chris Larsen late last year. The regulator claimed illegal sale of over $1.38B of the digital asset XRP, violating the 1933 Securities Act.
Binance Holdings Limited, the Cayman Islands-based subsidiary of the world’s largest crypto exchange, is now involved. This follows a Monday filing of court documents in the Southern District of New York on behalf of Garlinghouse. According to Garlinghouse’s legal advisors, the requested documents are “relevant to the case and unobtainable through other means”.
Additionally, the filing cited the US laws concerning the Department of State and The Hague Convention. Garlinghouse’s lawyers then sought a request letter to the Cayman Islands’ Central Authority to compel evidence from Binance.
Ripple on domestic versus international XRP sale
In a filling, Ripple notes;
Mr. Garlinghouse seeks foreign discovery based on his good faith belief that [Binance Holdings Limited] possesses unique documents and information concerning this case, and specifically, concerning the process by which transactions in XRP allegedly conducted by Mr. Garlinghouse on foreign digital asset trading platforms were conducted,
Specifically, the lawyers are challenging SEC allegations of unauthorized sale of 357 million XRP tokens by Ripple CEO. The SEC argues that the tokens were sold through “worldwide” crypto trading platforms to investors “all over the world.” Citing Section Five of the Securities Act of 1993, the team said that the alleged illegal XRP sale applied solely to domestic sales and offers of securities. The documents requested from Binance may contain evidence that supports this claim.
The lawyers said;
As the SEC knows, Mr. Garlinghouse’s sales of XRP were overwhelmingly made on digital asset platforms outside of the United States […] the discovery that Mr. Garlinghouse seeks will be relevant to demonstrating that the offers and sales that the SE challenges did not occur in this country and are not subject to the law that the SEC has invoked in this case,
Since last year, Ripple’s legal team has maintained that XRP tokens are like Bitcoin and Ether. The two are classified by the US regulator as commodities and not securities. XRP sale, as per the lawyers, is therefore not an “unregistered, ongoing digital asset securities offering” as the SEC claims.
Lately, however, Ripple has tried to set itself loose on the grounds of domestic versus international XRP sales. In June, Garlinghouse and his partner, Larsen filed a motion to grant them access to what they consider crucial evidence. The pair petitioned international authorities to request documents from a number of non-US-based crypto exchanges. These include Bitstamp, Huobi, and Upbit. Reportedly, the case will conclude the pre-trial discovery process on Oct. 15.
XRP Has Great Risk-Reward Ratio, With 10x Price Rise Likely: Macro Guru Raoul Pal
Raoul Pal is saying that global payments asset XRP has a great risk-reward ratio despite a lawsuit filed by the U.S. Securities and Exchange Commission (SEC).
In a new interview on Savvy Finance, the CEO of Real Vision and Global Macro Investor shares why he remains bullish on the crypto asset.
“XRP is a great risk-reward. The lawsuit – we’ve seen every lawsuit, every single one has been fine. Everybody’s actually cleared up after the event anyway and these events were a while ago. Bitmex, that’s happening, we’re going to see all of these, so I think it’s going to be a slap on the wrist that it could look like a security, there’ll be no admission of guilt on either side, there’ll be a payment of a fine and then XRP is free to run.”
The former Goldman Sachs executive also identifies factors that will help drive up the price of the coin.
“What’s interesting about XRP is there is quite a lot of use cases. Now, I know the bunch of Bitcoin people hate it– it’s not decentralized enough, I don’t care. Are people using it? Yes, a lot more than most people realize, and what’s amazing about this setup is you can’t buy on any of the exchanges and it’s not in the Bitwise ETF.
“The Bitwise ETF is now a billion of the Bitwise index. The top 10 index is a billion dollars, so the moment XRP is free, they have to buy a few hundred million dollars in it as everybody else can because the exchanges will have it back, so you’re setting up for a hell of a nice run if this clears up.”
Pal says it is still worth betting on XRP despite the possibility of Ripple losing in its legal battle with regulators.
“Worst case it doesn’t? Worst case is, let’s say, 50% downside, best case is 10x from here, so I’ll take a 50 to 1 risk-reward for the next three to six months.”
XRP, Chainlink and This Crypto Project Launching Bitcoin Smart Contracts Are ‘About To Go Crazy’, Says Altcoin Daily
Altcoin Daily host Austin Arnold is listing three altcoins that he says are “about to go crazy”.
In a new video, Austin tells his one million YouTube subscribers that the altcoins in question are Dfinity Foundation’s Internet Computer (ICP), the bridge currency XRP, and blockchain oracle network Chainlink (LINK).
Kicking off the list with Internet Computer, Austin says that the crypto project focused on becoming a decentralized global computing platform, is planning to introduce smart contract functionality to Bitcoin.
“Internet Computer smart contracts will gain access to Bitcoin liquidity and Bitcoin will gain powerful new smart contract functionality without the need for insecure and cumbersome trusted bridging services.
So this could be big – a DeFi [Decentralized Finance] ecosystem for Bitcoin is a major industry initiative. It would mean the world’s most popular cryptocurrency, Bitcoin, could be used for lending, yield farming, derivatives, liquidity pools and more.”
Turning to XRP, Austin says the developer Ripple Labs has encountered a setback in the lawsuit filed against it by the U.S. Securities and Exchange Commission (SEC).
“…Ripple filed a motion back in August 27th requesting information about whether SEC employees had purchased and traded Bitcoin, Ethereum and XRP. The United States Magistrate Judge Sarah Netburn rejected this motion on Tuesday…
…so what this means to you as a potential XRP holder is that Ripple will have to find another way to prove to the SEC that XRP is not a security. That’s of course the SEC’s point of view. They’re the ones that are suing Ripple and the case is heating up.”
In the case of Chainlink, Austin says that the blockchain oracle network’s recent integration with decentralized cold storage aggregator Coldstack is bullish.
“…big green flag for LINK holders. Here’s the reason Chainlink was chosen – because in their [Coldstack] words ‘Chainlink is the industry standard in blockchain oracles’.”
Austin also quotes Coldstack’s CEO Alexander Shishow showering praise on Chainlink.
“In a direct quote from Coldstack CEO… ’There really isn’t any substitute for Chainlink – if we want to provide the best data storage solutions for our users, then it makes sense to use the best oracle service provider in the industry.’”
Top Analyst Plots Path Ahead for Cardano and XRP, Says Three Altcoins Are Now Attractive After Dip
Michaël van de Poppe is sharing his updated forecast for two leading altcoins, Cardano (ADA) and XRP.
In his new video, the crypto analyst says that Cardano has hit important price levels, breaching the $1.90 to $2.10 range.
Van de Poppe next looks at the token’s Bitcoin pair (ADA/BTC) and says that there is a possibility that Cardano could see new highs.
“I’m expecting that we’re going to have some slight consolidation comparable to the area that we had in April. So some slight consolidation here until we crack resistance, but if we [do], I think we’re going to be running with new all-time highs or new highs for Cardano here as well.”
The trader also identifies a crucial price level for XRP that could indicate a bullish signal for the crypto market.
“I think that if you want to get into the markets then the chances are here that we’re finally getting bottomed out and we are ready for the next impulse wave in the market.
What is the level to crack for XRP? The area around $1.05 is the one that it has to crack through. I’m not assuming that we’re going to get it in one go, but I’m assuming that once it breaks through there, I think all coins will be breaking out left and right. But this is a good candle on XRP.”
The widely-followed analyst notes that the downturn offers a good opportunity to get into the market, naming Avalanche (AVAX), Solana (SOL), and Fantom (FTM) as the three altcoins to buy during the dip.
“Should you be getting interested in the markets when it’s approaching support and when projects are dropping down by about like 35% to 45%? Yes, of course.
When you get towards the support, people will ultimately become quite bearish and they are only expecting further downward momentum. That is the moment that you want to get into the markets.”
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