California, USA – Ripple files another motion to request SEC or Securities of Exchange and Commission’s employees to disclose their XRP holdings as part of the ongoing case. This motion will be in favor of Ripple’s defense.
The case filed by SEC against Ripple has been dragging for too long since it started last December 2020. Ripple and SEC continue to fight to win the case, and recently, Ripple filed a motion to the court. The blockchain company wants the employees of SEC to disclose their XRP holding after discovering that their employees are allowed to exchange in crypto. It includes XRP and other crypto assets.
The court approved the motion and marked the date for the deadline, which is September 3, 2021. SEC should respond to the latest motion, and they should compel the preclearance of the trading information of XRP.
SEC has two options regarding the motion, which is the disclosure of trading data. The agency can provide anonymous files with or without redactions if it wants to protect personal information. The second option is to produce the data in aggregate form. Ripple wants to see the exchanging preclearance decisions about Bitcoin, Ether, and XRP. Moreover, the blockchain company requested SEC employees’ certification of XRP holdings.
Ripple stated how the policy clarified everything until 2018, and SEC didn’t implement any policy restrictions on its employees from selling or buying digital assets. It proves that SEC didn’t consider cryptocurrencies as securities until the employees can trade.
Attorney James K. Filan from Ripple stated that the SEC could decide whether they want to provide the details or not. The agency can decide if they want to follow the court or not. If it cannot comply, the Judge will provide sanctions against them. If it continues to disregard the order, it means Ripple can win the case. With this situation, the case appears to conclude.