Ripple Requests to Uncover XRP Holdings of Employees Under SEC
California, USA – Ripple’s recent motion seeks to uncover the cryptocurrency holdings of all Securities and Exchange Commission or SEC employees, which the blockchain company believes it’s powerful evidence for the case filed by SEC.
SEC filed the case against Ripple in December 2020, stating that this blockchain company sold $1.3-billion coins as unregistered securities.
Ripple fired back to SEC using a motion that will require SEC employees to disclose their XRP holdings. Atty. James Filan from Ripple’s team unveiled the motion on August 27, and it demands SEC to provide such documents. The court agreed with the motion, and it orders SEC to comply.
Bradley Garlinghouse, the CEO of Ripple, filed this motion, along with the executive chairman, which is Christian A. Larsen. The defendants demand to provide at least anonymized documents relating to the exchange preclearance choices, which involved cryptocurrencies, like XRP, Ethereum, and Bitcoin.
Also, Ripple requests information relating to the XRP holdings of XRP to give it either in an aggregate form or redacted personal details.
Ripple proves that SEC didn’t impose or adopt rules restricting employees to exchange cryptocurrency until January 16, 2018. The delay in implementing rules has something to do with the commission on crypto assets. Nonetheless, this situation put SEC ample time to collect XRP. SEC has until September 3 to provide the documents relating to the recent motion.
Ripple has been improving regardless of facing the current case filed by SEC. The court didn’t approve with SEC’s attempt to get details of the internal communication of Ripple, which made it harder for SEC to win the battle.
As per Ripple’s motion, the team conferred with SEC regarding the case on July 8, July 15, August 18, and August 25, but there’s no progress at all. With the stated deadline for SEC to provide documents, supporters of Ripple anticipate that the end of the case is near, where Ripple will triumph and defend their side against SEC.