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- Ripple’s employees’ XRP holdings revelation has been withheld by the US SEC
- The refusal to comply with the latest motion shows the firm has managed to hurt the US financial regulator where it hurts the most
- The requested data is a part of the firm’s ongoing trial with the agency
- Ripple’s request slumps adequately below the low tavern of relevance in the agency’s case against the FinTech firm as per the trial attorney
- Ripple conspired to use the information to its defense and claim whether SEC and its breadwinners behaved in a way that suggests Ripple’s native crypto was not a security
Ripple is one of the major FinTech firms globally. The firm has been facing regulatory scrutiny for a while. Recently, the FinTech firm had requested to disclose employees’ crypto holdings. Such cryptocurrencies include Bitcoin and its native crypto asset XRP. However, the request has been rejected by the United States Securities and Exchange Commission (SEC). According to many, the refusal to comply with the latest motion shows the firm has managed to hurt the US financial regulator where it hurts the most.
US SEC will not deliver filings about Ripple employees’ holdings
The US SEC has refused to create any documentation related to trading preclearance decisions for three cryptos. Such digital assets include XRP, Bitcoin, and Ethereum. Moreover, the US financial regulator has also withheld to offer any filings related to the XRP holdings of Ripple’s employees.
Ripple was already facing turbulence with the regulator to determine its policies around the trading of governing cryptocurrencies. Notably, the requested data is a part of the firm’s ongoing trial with the agency.
Fourth strike as SEC suppresses its latest bustle
We have observed that it is the fourth strikeout of Ripple, as the regulator prohibits its latest motion to disclose XRP holdings. According to Pascale Guerrier, the Trial Attorney at the SEC’s Division of Enforcement, Ripple’s requests slump adequately below the low tavern of relevance in the agency’s case against the FinTech firm. Moreover, he also dubbed the gesture as an unjustified intrusion into the covert monetary liaisons of Ripple’s employees.
In a recent tweet, lawyer James K. Filan, the SEC has filed its Opposition to the FinTech defendants’ movement to coerce the agency to attain reports expressing whether the employees were entitled to trade XRP and other cryptos.
Three separate meetings with the SEC were held
The original motion was filed back in late August to understand the regulator’s trading policies around the trading of cryptocurrencies. Ripple also wants to comprehend whether the financial agency allowed its employees to trade XRP. It is revealed that the firm conspired to use the information to its defense and claim whether SEC and its breadwinners behaved in a way that suggests Ripple’ native crypto was not a security.
Notably, following the motion, we found the FinTech firm had three distinct discussions with the SEC during the summer. The firm intended to debate the issue. However, it had no victory in any of them. The financial authority dismissed any details about its employees’ XRP holdings, even with reductions of subjective input aggregate form.
