Ripple Fights Back: Seeks to Expose SEC Employees XRP Holdings
2021-09-03 23:52:16 Primitive Reading


Amidst an ongoing legal tussle with the securities and exchange commission, Ripple defendants have fired back with a motion to expose the XRP holdings of SEC employees, a token they have alleged is an unregistered security.

RIpple’s Recent Motion

On August 27th, attorney James Filan unveiled Ripple’s new motion demanding the SEC to produce documents related to its own employees’ XRP holdings. The legal order comes in response to four previous meetings Ripple has had with the SEC related to this issue throughout the summer, which have all been “without progress.”

The motion is filed on behalf of Ripple Labs Inc., Bradley Garlinghouse (Ripple CEO), and Christian A. Larsen (Ripple executive chairman). Specifically, the defendants wish to gather “anonymized documents reflecting [the SEC’s] trading preclearance decisions with regard to XRP, bitcoin, and ether.”

They also seek information specifically related to employee’s XRP holdings to be produced with redacted personal information or in aggregate form.

Within their motion, Ripple demonstrates that the SEC had “not adopted or imposed” any rules restricting their employees from trading in crypto until January 16th, 2018. This would, according to the company, be in line with the commission’s previous views on digital assets not being securities up until that point. Nevertheless, this left SEC employees a massive window of time to have collected XRP.

“At all times from 2013 until at least January 19, 2018, SEC employees were free to buy, sell and hold XRP without any restriction by the SEC.”

Ripple and the court are wasting no time: the order gives the SEC until Sept 3rd to respond to their motion.

Ripple’s Ongoing Legal Battle

The recent news is just the next step of a continuing legal war between Ripple and the SEC- one which Ripple has been winning as of late. In May, a US court denied the SEC’s attempt to access Ripple’s internal communications about the sale of their token, blocking the road that the commission wanted to use to crack down on them.

Furthermore, Ripple was recently approved on a motion to access information about the company’s XRP sales made on Binance exchange, which RIpple’s legal team claims were “overwhelmingly made on digital asset trading platforms outside of the United States.” This hurts the SEC’s case against Ripple using the securities act, which only applies to domestic offers and sales.

Disclaimer: This specification is preliminary and is subject to change at any time without notice. Amazon Finance assumes no responsibility for any errors contained herein.

Recommended reading
PSG SUPER GUILD’s Ibrahim “Fudge” Allami will be the first Oceanic export to make an international event at MSI 2021

10-22     Amazon Finance     200 Reading

Rise of the GameFi Circuit, DRT Games Set Foot on the Journey to Break the Circle

10-22     Amazon Finance     113 Reading

NFT Lab and R3 Blockchain Alliance reached a strategic cooperation Jointly promote the development and construction of the NFTT platform

10-22     Amazon Finance     163 Reading

YGG joins hands with FTN-LEA to build a global chain tour guild (DAO) system and create a global chain tour guild benchmark!

10-22     Amazon Finance     163 Reading

Encrypted Habitat, Digital Twins| NFT-BluSea Forum Ends Successfully

10-22     Amazon Finance     171 Reading

Ecology Blockchain: Boost Traditional Enterprises in Accessing to the Decentralized Business Ecology

10-22     Amazon Finance     102 Reading

X10 Legends Jointly Held Online Launch Meetings in Many Places Around the World.

10-22     Amazon Finance     145 Reading

Ecology Blockchain: Pacemaker of Ecological Application, Creating the Strongest Consensus of Blockchain Ecological Application

10-22     Amazon Finance     181 Reading

Blockchain technology enters the business world and NEMANJA will keep focusing on the technology

10-22     Amazon Finance     62 Reading

A new generation of fully decentralized exchanges, Node Swap, is coming online

10-22     Amazon Finance     202 Reading

NEMANJA Global cooperated with several enterprises to start the road of global development

10-22     Amazon Finance     92 Reading

FTN-DEX decentralized trading platform enters into a strategic partnership with Canadian foundation Oasis

10-22     Amazon Finance     95 Reading

200 FWNFT sold out in 11 minutes, the fifth phase of sale will start on October 10

10-22     Amazon Finance     173 Reading

The phase Ⅲ of FWNFT was sold out, with a total subscription of 211.8 million USDT

10-22     Amazon Finance     67 Reading

FWNFT phase II was available for sale today and 400 FWNFT tokens were sold out in 9 minutes

10-22     Amazon Finance     103 Reading