SEC Declines to Comply With Ripple’s Motion to Disclose Holdings

New York, USA – Ripple and SEC or Securities and Exchange Commission has been brawling, filing one motion after another, but the game is a tie after the US court approved the motion of SEC for Ripple to disclose Slack communication.

Ripple filed a motion before SEC did, and the blockchain wants SEC to disclose the holdings of its employees to see if they are allowed to trade in cryptocurrencies before. The court approved the motion, asking SEC to comply. After this motion, the US court also approved the motion of SEC for Ripple to provide the Slack communication messages.

With the motion by Ripple, SEC opposed it. The agency didn’t want to reveal the holdings of its employees. With this, it requests the US court to decline the motion of Ripple to protect the privacy of all its employees.

The motion filed by Ripple requests SEC to compel in disclosing the XRP holdings of its employees, including BTC or Bitcoin and ETH or Ethereum. The company even requested SEC to provide information under anonymized documents or through an aggregate form.

On September 3, SEC stated that disclosing the information of these employees will mean “unjustified intrusion”, and it was as per Pascale Guerrier, the attorney of the Division of Enforcement of SEC.

SEC Declines to Comply With Ripple ’s Motion to Disclose Holdings
Ripple and SEC don’t want to agree with each other’s motion, which the US court approved.

Guerrier stated that gathering such information will hit the company’s ethical rules, and it might cause a conflict of interests. SEC wouldn’t want that to happen.

On another note, there’s a record of XRP transfer from Ripple, and it’s amounting to 373 million. According to Alert Whale, Ripple received XRP tokens amounting to 218,682,488 from an anonymous digital asset wallet. This transfer is worth 280 million US or United States dollars.

The XRP is trading at $1.27 as per Coinmarketcap.

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Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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