- The legal battle between the US SEC and Ripple continues, but with a new twist.
- Twist comes as Ripple requested a court order that would force the SEC to reveal its employees’ XRP trading.
- Ripple has requested such information from the SEC directly, but was ignored on four separate occasions.
For over eight months now, the US SEC has been after Ripple after originally filing a lawsuit against the company in late 2020, claiming that XRP is a security. For a time, Ripple has been trying to shoot down the accusations, and it even turned its gaze towards the east — to Europe and East Asian countries, which do not think that XRP is what the US SEC claims it to be.
However, it would seem that the company has had enough, and is now trying to fire its own shots against the US financial regulator.
In a new twist, Ripple has filed a motion to force the US SEC to disclose its internal crypto trading policies as part of their legal battle. The attorney who is closely monitoring every move of the battle, James Filan, recently shared newly filed documents that will reveal if the SEC allowed its own employees to trade the controversial cryptocurrency.
If it did, this will be quite a controversial decision on the regulator’s part, as well, since it claimed that XRP is unregistered security for the past eight months.
The SEC ignored Ripple’s request, but it can’t ignore a court order
The motion, filed last Friday on behalf of Ripple Labs, Brad Garlinghouse, and Chris Larsen, requested that the US District Court for the Southern District of New York order the securities regulator to reveal its internal trading policies regarding digital assets. What’s more, the filing is not only interested in XRP holdings and trading of the SEC’s employees, but also Bitcoin (BTC/USD) and Ethereum (ETH/USD).
Ripple and its officials said that they have requested the same information from the SEC personally, and on multiple occasions — on July 8th and 15th, as well as on August 18th and 25th — but the regulator ignored such requests. Now, Ripple decided to request the data via a court order, and the SEC has until September 3rd to respond to the notion. However, Filan noted that this was a text-only order, so there is no separate written order that was filed.
Original Source :invezz.com
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