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According to reports, the court has given the United States Securities and Exchange Commission until September 3 to respond to Ripple’s suit to compel the authority to divulge data on its employees’ XRP holdings.
As part of its ongoing legal battle with the Securities and Exchange Commission, Ripple has filed a move to compel the SEC to divulge its internal cryptocurrency trading policies.
James Filan, an attorney who has been closely monitoring the SEC’s lawsuit against Ripple, has posted a new motion document asking to clarify if the SEC allowed its own staff to trade XRP, which, according to the regulator, is an unregistered security.
The motion, filed on Friday on behalf of several defendants, including Ripple Labs, Ripple CEO Brad Garlinghouse, and Ripple executive chairman Chris Larsen, asks the U.S. District Court for the Southern District of New York to compel the SEC to produce data on its trading policies for governing digital assets.
The motion requests that the SEC release anonymized records containing “trading preclearance decisions” for XRP, Bitcoin (BTC), and Ether (ETH). “Defendants also want certifications concerning SEC employees’ XRP holdings — again, either with personal information redacted or in aggregate form,” the motion action states.
The defendants stressed that earlier attempts to acquire information from the SEC had failed. “We met and discussed with the SEC on this subject on July 8, July 15, August 18, and August 25, with no progress,” according to the motion.
According to Filan, the court has given the SEC until Sept. 3 to respond to the latest motion. The attorney added that the order was a “text-only order,” meaning that no separate written order was filed.
Ripple’s recent legal attempts come as the community prepares for a virtual meeting with the SEC to address the firm’s planned move to force the regulator to deliver a package of documents that defendants think are crucial to their “fair notice” defence. The online meeting has been scheduled for August 31 by Magistrate Judge Sarah Netburn of the United States District Court for the Southern District of New York.
As previously reported, the SEC filed a massive lawsuit against Ripple in December 2020, claiming that XRP was a $1.3 billion unregistered securities offering. Last month, Judge Netburn ruled in favor of Ripple Labs by allowing the deposition of the former director of the SEC’s Division of Corporation Finance, William Hinman. The SEC executive is known for his 2018 speech suggesting that Ether, the second-largest cryptocurrency by market value, was not a security.