Ripple wants SEC Members to reveal XRP Holdings
According to reports, Ripple’s legal team has filed a motion that aims to have SEC members disclose their XRP holdings. The motion would also reveal the SEC’s preclearance policies on cryptocurrencies including ETH, XRP, and BTC. The motion that is filed by Ripple’s legal team aims to compel members of the U.S. SEC to disclose their XRP holdings. In case this process is successful, then the motion would be making the members of the U.S. Securities and Exchange Commission produce documents on whether SEC employees are allowed to trade cryptocurrencies.
This particular motion would specifically seek information about employee XRP holdings. It has also been noted that it would also aim to find the SEC’s preclearance decisions about XRP, Bitcoin, and Ethereum, which mainly concerns to aim at the data on any policies that may prevent SEC employees from trading in those cryptocurrencies.
This particular motion would also allow for the SEC to provide the information anonymously, either individually or in an accumulative form. It has also been observed that the SEC had not adopted any policy that would have had to restrict SEC employees from trading crypto until January 2018. This would have allowed employees to invest in Ripple’s XRP token. If the accusations of Ripple are correct, then the SEC would have imposed stricter regulations on Ripple than it did on its employees. The filing stated, “That fact undermines the SEC’s allegations that the Individual Defendants were reckless in failing to determine as early as 2013 that offers and sales of XRP were securities.”
Initially, the SEC had charged Ripple with violating securities laws through XRP sales in December 2020. It had allegedly stated that the company’s ongoing sales of the XRP token constituted an unregistered securities offering. Recently, Ripple has had to rely on defences such as lack of clarity, distinctions from other SEC cases, and calling a former SEC member to testify. Ripple community lawyer Jeremy Hogan suggest that a summary judgement will not be reached until early 2022. And therefore, it remains unclear, how the lawsuit would be ending, as new tactics and revelations are coming up as the case is rolling.