Ripple Files Petition Requesting Discover of Relevant Info from Binance’s Subsidiary

Binance has announced plans to launch an independent non-profit foundation focused on advancing blockchain technology. Named the Blockchain Foundation, it will be headquartered in Malta, where the exchange expects to receive the majority of its profits. The move is aimed at increasing transparency and global government support of the industry. The company is seeking a blockchain expert who can perform research into regulatory frameworks supporting the industry and investigate potential business models for the foundation.

On May 9th, Ripple Labs Inc filed a petition in the Delaware Court of Chancery seeking to compel DISC, the Delaware-based subsidiary of Binance, to comply with its discovery request. They are seeking to ensure that Binance, the largest cryptocurrency exchange by daily trading volume, does not use or “willfully infringe” on Ripple’s patents and related rights.

Ripple, the cryptocurrency behind the XRP token, has filed a petition with the New York-based courts in the hope of obtaining access to information from the Binance subsidiary that controls it. The firm claims that its subsidiary, which is based in Hong Kong, is a “shell company” used to launder crypto reserves.. Read more about will sec drop ripple lawsuit and let us know what you think.

Ripple has filed a petition with the court on behalf of CEO Brad Garlinghouse, asking that the court help the defendant in the discovery of essential material from Binance’s subsidiary.

Binance’s Subsidiary has made a discovery.

Ripple has asked the Southern District Court in New York to send a letter to the Cayman Islands’ central government to demand information from Binance’s subsidiary “Binance Holdings Limited,” according to a recent petition filed by the defendant. Ripple claimed that the information needed for the case isn’t available any other way.

According to the petition, CEO Ripple Brad Garlinghouse believes that Binance Holdings Limited has knowledge about the case, particularly the procedures by which the executive conducted XRP transactions on international digital asset trading platforms, in good faith.

Outside of the United States, the sale of XRP tokens is not subject to securities laws.

The motion also stated that, because the SEC is aware that Garlighouse sold the majority of his XRP on foreign digital currency trading platforms, the discovery[from Binance Holdings Limited] will confirm that the majority of the sales the SEC is challenging were not conducted in the United States and are therefore “not subject to the law that the SEC has invoked in this case.”

Ripple’s legal team seems to be contesting the SEC’s allegations that Garlinghouse sold $357 million worth of XRPs across the globe. They cited Section 5 of the United States Securities and Exchange Commission Act of 1933, claiming that the purported sale of XRP tokens was not domestic and therefore not subject to the country’s laws.

The SEC complaint accuses Ripple, its CEO Brad Garlinghouse, and Co-Founder Chris Larsen of selling $1.38 billion worth of XRPs as unregistered securities, according to the latest discovery motion. XRP, on the other hand, is not a security, according to Ripple, and is comparable to BTC and ETH, which are classified as digital currencies by the SEC.

The case’s pre-trial discovery phase is expected to conclude on Oct. 15.

The purpose of this blog post is to raise awareness of the following: 1) A violation of file sharing laws occurs when a company makes a profit from the distribution of information. 2) A company that is a subsidiary of Binance, which are in violation of the rules outlined in the United States Code and the Digital Millennium Copyright Act (DMCA).. Read more about xrp petition and let us know what you think.

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