Judge denies Ripple’s petition to show trading records of SEC’s employees

  • The Securities and Exchange Commission (SEC) requires its workers to obtain approval before trading any securities
  • Ripple filed a motion seeking information regarding whether SEC personnel had purchased and traded bitcoin, ether, and XRP
  • Employees of the Securities and Exchange Commission were no longer allowed to trade XRP after this time

Ripple Labs’ attempt to compel the Securities and Exchange Commission (SEC) to obtain records of its employees’ crypto transactions was dismissed by a federal judge in New York.

On August 27, Ripple filed a motion seeking information regarding whether SEC personnel had purchased and traded bitcoin, ether, and XRP, the latter of which the agency claims Ripple has been selling in unregistered securities transactions. On Tuesday, United States Magistrate Judge Sarah Netburn denied the motion.

Meetings with SEC 

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Ripple met with the SEC four times, beginning on July 8, to request records on the agency’s employees’ crypto transactions without progress, according to the move. Anonymized papers indicating trade preclearance decisions with relation to XRP, bitcoin, and ether, or alternatively, that information be supplied in aggregate form,” Ripple lawyers sought.

The judge also stated that Garlinghouse and Larsen’s motion for a protective order is granted because the court finds that the SEC’s requests for the individual defendants’ personal financial records, aside from those records of XRP transactions that have already been promised, are not relevant or proportional to the needs of the case.

The Judge also said the SEC will remove its requests for Production and third-party subpoenas seeking the personal financial data of the individual defendants.

Because the preclearance process does not examine whether an asset is a security, [Ripple has] not proven that individual trading actions have any bearing on the problems in this case, Netburn stated.

Obtaining approval 

The Securities and Exchange Commission (SEC) requires its workers to obtain approval before trading any securities, although it did not issue internal instructions on cryptocurrency trading until January 2018.

On March 9, 2019, the Securities and Exchange Commission (SEC) issued a formal order of investigation into Ripple. Employees of the Securities and Exchange Commission were no longer allowed to trade XRP after this time.

The SEC has been compelled to submit internal records on bitcoin, ether, and XRP after Ripple recently obtained discovery. Meanwhile, a petition has been launched requesting the SEC’s new chairman to dismiss the Ripple case and put a stop to the XRP battle.

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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