New York, USA – Ripple filed a motion for employees of SEC to show their cryptocurrency holdings, and the court approved the appeal. SEC or Securities and Exchange Commission has until September 3 to provide the stated documents.
Lawyers representing Ripple filed a motion for SEC to comply in providing handy documents of their employees and digital asset holdings. This motion aims for SEC to prove if they didn’t permit their employees to exchange in XRP.
This question has been going over to SEC, and many people were asking if this agency took an interest in digital assets. Many ask if they are classifying XRP as a security or not.
After Ripple filed the motion, the district court for Southern New York approved it. Brad Garlinghouse, the CEO of Ripple Labs, submitted the motion to the court, and he was with Chris Larsen, the executive chairman of the blockchain company. After the court approved the motion, the deadline is on September 3.
The news about the motion spread quickly across Twitter. James K. Fila, a litigator from the legal team of Ripple, revealed the motion. The motion unveils how the XRP highlighted that they had demanded the information on July 8, July 15, August 18 and August 25, but no response came from SEC’s side.
Now, the latest motion will unfold the tale of the legal sage of Ripple vs. SEC. XRP supporters are expecting more out of the previous motion, and there’s a scheduled online meeting to talk about the access of Ripple to evidence, which is important on the case.
Ripple filed this case because the blockchain company wants to understand the exchanging policies of the SEC and if it’s governing crypto assets among its employees. The case affected the credibility of Gary Gensler, the recently appointed chairman. The question now is whether SEC can continue to battle with the crypto industry, as well as its supporters.