Ripple demands to expose all of the SEC’s employees that hold XRP citing a motion where the SEC members were free to buy, sell and hold XRP so let’s read more in our latest Ripple news.
Amidst the ongoing legal battle with the Securities and Exchange Commission, ripple defendants fired back with the motion to expose the XRP holdings of the SEC employees which is a token that allegedly is unregistered security. Attorney James Filan unveiled Ripple’s motions to demand the SEC to produce documents related to the employees’ XRP holdings and the legal order came in response to four previous meetings ripple that it had with the SEC related to this issue in the summer which has all been without progress.
The motion is filed on behalf of Ripple Labs Brad Garlinghouse and Christian A Larsen with the goal to gather documents reflecting SEC’s trading preclearance decisions with regards to XRP, BTC, and Ether. They seek information related to the employee’s XRP holdings to be produced with redacted personal information in an aggregate form. Within the motion, Ripple demands to expose the employees’ holdings demonstrating that the SEC hadn’t adopted or imposed rules restricting their employees from trading in crypto until 2018. this will be in line with the commission’s previous views on crypto not being securities until that point. This left SEC employees with a huge window of time to collect XRP.
At all times from 2013, until 2018, SEC employees were free to buy and sell and hold XRP without restrictions by the SEC. Ripple and the court are not wasting any more time as the order gives the SEC to respond to their motion. The recent news is a step of continuing legal war between Ripple and the SEC and it seems that Ripple is winning as of late. The US court denied the SEC’s attempt to access Ripple’s internal communication about selling the token, thus blocking the road that the commission wanted to crack down on them.
Ripple was approved on a motion to access info about the company’s XRP sales made on the Binance exchange which the legal team claims were made on digital asset trading platform outisde of the US which hurts the SEC’s case against Ripple using the securities act that applies to domestic offers and sales.
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