Ripple has filed a motion in court asking the US Securities and Exchange Commission to disclose its internal cryptocurrency trading policies as part of the current litigation.
James Filan is an attorney who is closely following the SEC’s case against Ripple. He posted a motion to clarify whether the SEC allows its employees to trade XRP. The regulator claims that this is an unregistered security.
In the motion filed, Ripple Labs, Ripple CEO Brad Garlinghouse and Ripple Chairman Chris Larsen, will ask the New York South District Court to get the SEC to file data about its digital asset trading policies.
The filing is intended to force the SEC to submit anonymized documents showing “pre-trade decisions.” This is not only about XRP, but also about Bitcoin (BTC) and Ether (ETH). “The plaintiffs also require certificates of the XRP holdings from SEC employees. Personal information can be blacked out or the data can be presented in an aggregated form,” as stated in the application.
Plaintiffs emphasized that they had previously attempted to obtain this information from the SEC, but did not get it. “We met with the SEC and talked to the people about this matter on July 8th, July 15th, August 18th and August 25th, but got no further,” the motion said.
Filan said the court gave the SEC until September 3 to respond to the motion. The lawyer addedthat the ruling was a “pure text ruling”. This means that no separate written order has been submitted.
In this context: SEC demands “terabytes” of Slack conversations from Ripple
The community is eagerly awaiting a scheduled virtual meeting with the SEC to discuss the company’s motion. The aim is to force the regulator to produce documents that they believe the plaintiffs need as they are relevant to their defense. Judge Sarah Netburn of the US District Court New York South has the online meeting on August 31st placed
As previously reported, the SEC took legal action against Ripple XRP in December 2020, claiming that XRP was an unregistered security.Last month, the judge ruled in favor of Ripple Labs and approved the impeachment of former director of corporate finance at the SEC, William Hinman . The SEC executive is known for his 2018 statement that ether, the second largest cryptocurrency by market value, is not a security.