Key Takeaways
- Ripple files motion against the SEC to provide data of employees XRP holdings
- SEC required to present employees crypto holdings before January 2018
- Ripple and SEC lawsuit continues to dominate the crypto space
The motion intends to get the SEC to produce existing private documents that show the organization’s historical trading motion for employees regarding cryptocurrencies like bitcoin, XRP, and ether.
Ripple accuses the SEC that the regulator did not have existing rules that prevented employees from trading or holding cryptocurrencies before January 2018.
This, according to the motion, would be in line with the regulator’s policies on cryptocurrencies not being securities until that point.
The court accepted the motion, and an order was granted for the SEC to respond by September 3.
This latest continues the battle between the SEC and Ripple with no headway so far.
The US financial regulator had accused Ripple of selling unregistered securities in a lawsuit submitted in late 2020.
The announcement caused many exchanges to delist XRP, and the cryptocurrency price fell to record lows.
XRP rebounded earlier in the year, buoyed by positive news from the lawsuit. Ripple has also gotten some positive orders from the US court against the SEC.
There have been calls from the crypto community for Ripple to negotiate an out-of-court settlement with the SEC.
This has resulted in three separate meetings proven futile as Ripple and the SEC fail to give up grounds for negotiations.
Nevertheless, this case continues to attract the interest of the crypto community due to the potential ramifications of an unfavorable verdict by the court.
What are your thoughts regarding the legal tussle between the SEC and Ripple?
