Federal judge rejects Ripple's request for XRP trading history of SEC employees

Wed 22 Sep 2021 ▪ 20h02 ▪ 2 min read - by Susan McCormack

The SEC against Ripple case has some updates. The federal judge has rejected Ripple’s request for accessing the history of cryptocurrency trading performed by the Commission’s employees. The request was submitted on 27th August in order to identify whether the regulator had personal interests in the platform’s activities.

Score goes to the SEC

FXStreet reports that the £9.5 billion lawsuit where the SEC opposes Ripple Labs is still under the consideration.

Regulators are celebrating a small victory, as a US magistrate judge rejected a request in which the defendant asked to provide a history of cryptocurrency trading performed by the SEC’s employees.

Since the case against Ripple was opened in 2019, SEC employees have been prohibited from trading XRP. The information requested would have allowed to find out whether there had been any XRP transactions. However, the Commission refused to provide documents confirming compliance with the XPR trading ban.

Judge Sarah Netburn has stated that the information does not apply to the case under consideration. Another argument for the denial of the motion was the lack of legal grounds for the platform’s requirements. The federal rule would protect the privacy rights of the SEC employees as citizens of the United States.

Nevertheless, Judge Netburn demanded that the regulatory authority provided Ripple with the document confirming that back in 2019 the SEC employees were warned about XRP trading.

Ripple’s lawyers assure that they do not intend to give up and ask the head of the Commission, Gary Gensler, to be reasonable and put an end to the feud before it gets bloody.

Susan McCormack

How many crypto nerds does it take to fork an altcoin? I may be a failed comedian, but crypto is no joke! I want to share my knowledge and help others to see the bright future ahead. #buybitcoin

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