The lawsuit between the US SEC and Ripple is getting more and more exciting by the day. Ripple defends accusations that the XRP sale is an unregistered security sale, but they are now back. They want an anonymous list of SEC employees to see if they have invested in XRP.
On August 27, attorney James Phelan shared Ripple’s new proposal requiring the SEC’s defense to produce documents relating to its employees’ XRP holdings. This summer, Ripple has already met with the Securities and Exchange Commission four times in this lawsuit, and according to the lawyer, no progress has been made.
#XRPCommunity #SECGov Fifth. #ripple #XRP The defendants Ripple filed a motion to compel the SEC to submit documents showing whether SEC employees are allowed to trade XRP and other digital assets. https://t.co/WPLmYwk1SL
– James K. Phelan 🇺🇸🇮🇪 (@FilanLaw) August 27, 2021
The application was submitted on behalf of Ripple Labs Inc. , Bradley Garlinghouse (CEO of Ripple), and Christian A. Larsen (CEO of Ripple). Specifically, the defendants want to “collect anonymous documents that reflect trading decisions (issued by the SEC) regarding XRP, Bitcoin, and Ether.”
Five years to invest in XRP
So they are looking for information that specifically pertains to employees’ XRP holdings, which may be made available anonymously.
In their move, Ripple explains that as of January 16, 2018, the SEC has not issued or enforced any rules restricting its employees from trading cryptocurrency. The company said this is in line with the committee’s previous views on digital assets, which should not be subject to XRP until then under securities law. This left a huge gap where SEC employees were free to XRP to buy.
“From 2013 until at least January 19, 2018, SEC employees were always free to buy, sell, and hold XRP without any restrictions from the SEC.”
Ripple and the court in a hurry, because the Securities and Exchange Commission has until September 3 to respond to this request. The lawsuit was announced already last year and has several developments. Of course we love you Who is this inform.
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