Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Ripple Strikes Back: Files Motion To Reveal SEC Employees' XRP Holdings – Fintechs.fi

Ripple Strikes Back: Files Motion To Reveal SEC Employees' XRP Holdings – Fintechs.fi

The company’s recent motion cites a five-year window in which SEC members were “free to buy, sell, and hold XRP”.

In payment giant’s on-going legal battle with the securities and exchange commission, Ripple defendants have fired back with a clever move to file a motion to expose the XRP holdings of SEC employees, a token they have alleged is an unregistered security.

Ripple’s Goes on Attack

Attorney James Filan presented Ripple’s new motion demanding the SEC to produce documents related to its own employees’ XRP holdings. The legal order comes in response to four previous meetings Ripple has had with the SEC related to this issue throughout the summer, which have all been “without progress.”

The motion is filed on behalf of Ripple Labs Inc., Bradley Garlinghouse (Ripple CEO), and Christian A. Larsen (Ripple executive chairman). Specifically, the defendants wish to gather anonymized documents reflecting the SEC’s trading pre-clearance decisions with regard to XRP, bitcoin, and ether.

They also seek information specifically related to employee’s XRP holdings to be produced with redacted personal information or in aggregate form.

Ripple aims to demonstrate through the motion that the SEC had “not adopted or imposed” any rules restricting their employees from trading in crypto until January 16th, 2018. This would, according to the company, be in line with the commission’s previous views on digital assets not being securities up until that point. Nevertheless, this left SEC employees a massive window of time to have collected XRP.

“At all times from 2013 until at least January 19, 2018, SEC employees were free to buy, sell and hold XRP without any restriction by the SEC.”

Ripple and the court are clearly not wasting any time: the order gives the SEC until Sept 3rd to respond to their motion.

Ripple vs SEC

The recent news is just one step of a continuing legal war between Ripple and the SEC, one in which Ripple has been seemingly stronger. In May, a US court denied the SEC’s attempt to access Ripple’s internal communications about the sale of their token, blocking the road that the commission wanted to use to crack down on them.

Ripple was recently approved on a motion to access information about the company’s XRP sales made on Binance exchange, which Ripple’s legal team claims were “overwhelmingly made on digital asset trading platforms outside of the United States.” This is a massive blow to the SEC’s case against Ripple using the securities act, which only applies to domestic offers and sales.

Source: Ripple Strikes Back: Files Motion To Reveal SEC Employees' XRP Holdings – Fintechs.fi

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Telegram Founder: I Will Leave My Fortune to Over 100 of My Children
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Hungary Ranked Among the World’s Safest Travel Destinations for 2025
G7 Leaders Fail to Reach Consensus on Key Global Issues
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
×