The US Securities and Exchange Commission has refused to submit any documents relating to its “preliminary trade decisions” for XRP, BTC and ETH. It has also refused to provide records of its employees’ XRP holdings.
Ripple requested the information as part of its ongoing process with the SEC in order to set its guidelines for trading “digital assets”.
Ripple strikes for the fourth time as the SEC denies its latest crypto-disclosure filing
Pascale Guerrier, litigation attorney with the SEC’s Enforcement Division, said Ripple’s filings in the commission’s case against the company are “well below the lower limit of relevance.” He also called the motion “an unjustified interference” in the private financial affairs of SEC employees.
#XRPCommunity #SECGov v. #Ripple #XRP The SEC has filed an objection to the Ripple Defendants’ motion to compel the SEC to produce documents showing whether SEC employees were allowed to trade XRP and other digital assets. Six pages in two consecutive tweets. pic.twitter.com/gCuXeUkpOs
– James K. Filan (@FilanLaw) September 3, 2021
Ripple filed the original filing on Aug. 27 to understand the SEC’s trading guidelines regarding digital asset trading and whether the regulator allowed its employees to trade XRP. The company planned to use the information in its defense, claiming that if the SEC and its staff behave in a way that prevents XRP from being a security, then Ripple has no way of knowing whether to classify the token as such.
According to the motion, Ripple held three separate meetings with the SEC over the summer to discuss the issue, but it was unsuccessful. The Commission refused to provide details of its employees’ XRP holdings, even if the personal data was redacted or in aggregated form.
In June, the court granted Ripple’s motion to compel the SEC to produce such documentation, but the commission didn’t put a guideline called the “Digital Asset Ethics Guideline” before January 2018 until January 2018.
Ripple states that the policy is consistent with his view that the SEC did not consider digital assets to be securities of their own, so there was no basis for their allegations that Ripple was selling unregistered securities in the form of XRP. Since the SEC’s lawsuit against Ripple dates back to 2013, the company sees very good reasons for a dismissal.
Last week, Brad Garlingoise, CEO of Ripple, fired back from the SEC and blasted handling of the XRP case.
“This was clear from the start – the SEC lawsuit isn’t just about Ripple, it is about what” impossible standards for fair announcement and due process “can do through enforcement regulation for crypto innovations.”
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