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.