Ripple’s legal team has filed a request to force US Securities and Exchange Commission (SEC) members to reveal their XRP holdings.
Members of the SEC may be required to disclose their holdings
If passed, the motion would require members of the US Securities and Exchange Commission to disclose papers indicating whether or not they are permitted to trade cryptocurrencies.
The motion filed by Ripple expressly requests details on employee XRP holdings. It also seeks information on the SEC’s preclearance judgments on XRP, Bitcoin, and Ethereum, as well as any regulations prohibiting SEC personnel from trading in those cryptocurrencies.
The SEC will be able to give the information anonymously, either individually or in aggregate, under the terms of the motion.
According to the complaint, until January 2018, the SEC did not implement any regulation prohibiting SEC personnel from trading cryptocurrency. As a result, employees would have been able to invest in Ripple’s XRP currency due to this.
“That fact undermines the SEC’s allegations that the Individual Defendants were reckless in failing to determine as early as 2013 that offers and sales of XRP were securities,” the filing explains.
The XRP Case Is Moving Slowly
The Securities and Exchange Commission (SEC) first began action against Ripple in December 2020, alleging that the company’s continuous sales of the XRP cryptocurrency constituted an unregistered securities offering.
This is the most recent information about the case. Ripple has relied on defenses including lack of clarity, differences from prior SEC cases, and bringing a former SEC member to testify in recent months.
It’s still unclear when the case will be resolved. According to Jeremy Hogan, a Ripple community lawyer, a summary judgment will not be made until early 2022.