Ripple Files A Motion To Compel US SEC To Reveal XRP Holdings Of Its Employees

Recently, Ripple has filed a motion in court to force the United States SEC to revealed their internal crypto trading policies as the battle between the firm and the government gets fiercer.

An attorney following the SEC vs Ripple case closely, James Filan, revealed recently that Ripples had filed yet another motion requesting whether the employees of the government agency are allowed to own or trade XRP, which is unregistered security according to the agency.

The motion filed on Friday on behalf of the numerous defendants involved (including the Ripple executive chairman, Chris Larsen, and the Ripple Labs CEO, Brad Garlinghouse) asked the District Court sited in New York South to compel the government agency to release data containing the trading policies controlling cryptocurrencies.

What the motion intends to achieve is to compel the SEC to release its anonymized documents that reflect the preclearance decisions on trading, not XRP alone in this case but BTC and Ethereum. Through the motion, the defendants further seek the certifications given to the employees in the SEC to hold XRP be it redactions of personal data or aggregate form for all of them.

The defendants stated that all their efforts in the past to lay hold of this information from the Securities and Exchange Commission remain futile. Listing the occasion for meeting, the motion noted that “we met and conferred on different occasions without progress. On this issue, we met on July 8 and 15, August 18 and 25, yet there is nothing to show for it.”

The recent legal efforts took by Ripple come as a virtual meeting was scheduled with the regulator to discuss the pending motion that will make the SEC release the bunch of documents believed will ensure fair judgment.

The Magistrate Judge in the District Court of New York South, Sarah Netburn, however, schedules the meeting for the 31st of August.

Walking down the memory lane, the United States Securities and Exchange Commission filed a lawsuit against Ripple late last year, claiming the XRP is unregistered security. The judge, however, ruled in favour of Ripple last month, allowing the perspective of William Hinman in the Division of Corporation Finance of the SEC.