On 2 August 2021, Ripple CEO Brad Garlinghouse requested a transaction record from Binance for a lawsuit with the SEC. The lawsuit between Ripple and the U.S. Securities and Exchange Commission (SEC) has been pursued with Binance since Brad Garlinghouse's request for a demand letter to the Central Authority of the Cayman Islands, based on Binance.
The plan of action is part of a lawsuit filed by the SEC against Ripple, alleging that Garlinghouse and co-founder Chris Larsen are offering "unregistered and persistent digital asset securities" as a sale of XRP tokens.
The SEC's amended complaint alleges that Ripple's CEO sold more than 357 million XRP tokens to investors in the market. It claims Garlinghouse also offers XRP tokens on digital asset trading platforms outside the United States and has sold them to investors "around the world."Garlinghouse's lawyers said the SEC failed to assert international standards in the amended complaint and in June petitioned international authorities to request documents from several non-US cryptocurrency exchanges, including Bitstamp, Huobi and Upbit (prehearing ends 15 October).
To challenge the requests for domestic and international token sales, Garlinghouse requested an investigation into the transaction records of leading cryptocurrency exchange Binance, and based on the application submitted, Garlinghouse assumed that Binance had unique documents and information related to the case.
