• Ripple Wants SEC Members to Disclose Their XRP Holdings

  • Ripple’s legal team has filed a motion to compel members of the United States Securities and Exchange Commission (SEC) to disclose their XRP holdings.

    Members of the SEC may be required to disclose their holdings.

    If passed, the motion would require members of the United States Securities and Exchange Commission to produce documents determining whether SEC employees are permitted to trade cryptocurrencies.

    Ripple’s motion specifically requests data on employee XRP holdings. It also seeks information on the SEC’s preclearance decisions regarding XRP, Bitcoin, and Ethereum—that is, information on any policies that may prohibit SEC employees from trading in those cryptocurrencies.

    The motion allows the SEC to provide the information anonymously, either individually or collectively.

    According to the filing, the SEC did not implement any policy prohibiting SEC employees from trading cryptocurrency until January 2018. Employees would have been able to invest in Ripple’s XRP token as a result of this.

    If Ripple’s allegations are true, the SEC would have imposed stricter regulations on the company than it did on its own employees.

    “This fact undermines the SEC’s allegations that the Individual Defendants were reckless in failing to determine that offers and sales of XRP were securities as early as 2013,” the filing says.

    The XRP Case Is Moving Slowly

    The SEC first took action against Ripple in December 2020, alleging that the company’s ongoing sales of the XRP token amounted to an unregistered securities offering.

    The following is the most recent development in the case. Ripple has used defenses such as lack of clarity, distinctions from other SEC cases, and calling a former SEC member to testify in recent months.

    It is still unclear when the lawsuit will be resolved. According to recent estimates from Ripple community lawyer Jeremy Hogan, a summary judgment will not be issued until early 2022.

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