Judge rejects Ripple’s proposal to access trading history for SEC employees
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Answer Judge rejects Ripple’s proposal to access trading history for SEC employees
A federal judge in New York has rejected Ripple’s request to order the US Securities and Exchange Commission (SEC) to produce records of its employees’ crypto-trading transactions in an effort to prove that the authority does not consider XRP to be a security.
The SEC wins one against Ripple:
According for an official statementOn August 27, Ripple submitted a request to disclose the trading history to SEC employees, as Ripple believes that the SEC employees have already traded XRP, which means that they do not view it as a security but rather as a cryptocurrency.
According to Ripple’s defense, such evidence would undermine the SEC’s allegations that individual defendants acted recklessly and would strengthen the defendants’ fair warning defense.Read:UAE Launches Blockchain Land Registry
The defendants maintain that they are entitled to know whether the SEC allowed its employees to buy, sell and hold XRP as market participants during the relevant period.
But Judge Sarah Netbourne disagrees with Ripple’s claim for several reasons.
It supports the importance of the SEC’s argument that the pre-clearance decision process does not imply any decision by the SEC ethics advisor that trading complies with securities laws, i.e. the SEC ethics advisor has not proposed any relevant provision explicitly for XRP, so the SEC employee’s commercial registry is irrelevant to the case.
The other main argument for refusing was the lack of legal justification for agreeing to Ripple’s demands.
Whereas, US federal law preserves the privacy rights of SEC employees and regards them as US citizens.
In connection with the annual affidavits required by defendants, Congress has by default prohibited the disclosure of this financial information through federal privacy laws and regulations in order to preserve the privacy of government employees.
Ripple tried to use a similar argument earlier.
The SEC has requested access to Ripple’s internal communications via the Slack communications app.
This is what we mentioned earlier in the Arab Bitcoin, as Ripple believes that the production of such documents will be a long and expensive process.Read:The founder of Twitter announces the creation of a new division in “Square” focused on Bitcoin
But this did not satisfy her before the court, which accepted the request of the SEC and asked Ripple to produce this data.
Ripple did not overreact to the disappointing news.Read:The Cardano project adds a new feature to get more ADA coins
Overall, the XRP price is moving around trying to keep pace with Ripple’s case status with the SEC, with highs when Ripple wins and dips when the San Francisco-based company faces any setbacks (like today).
Currently, XRP is trading around $0.92, down about 2% in the last 24 hours.
In fact, it seems that the impact of the price of the digital currency Ripple is not related to the issue, but to the market as a whole, which is witnessing a correction with the decline of Bitcoin to the level below 42 thousand dollars.
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