The lawyers of Ripple (XRP) filed a new motion in the lawsuit with the US Securities and Exchange Commission (SEC). The lawyers want to see if SEC officials were allowed to trade with XRP and others themselves cryptocurrencies. Attorney James K. Filan shared the motion on Twitter last weekend:
#XRPCommunity #SECGov v. #Ripple #XRP Ripple defendants file Motion to Compel the SEC to produce documents showing whether SEC employees were permitted to trade XRP and other digital assets. https://t.co/WPLmYwk1SL
– James K. Filan ???????????????? (@FilanLaw) August 27, 2021
At the end of last year, the SEC sued Ripple over the illegal sale of so-called securities, or effects. SEC employees are generally not allowed to trade in securities without prior approval. The SEC recently shared a policy document stating that there were no restrictions for SEC employees to trade crypto until January 19, 2018.
According to the Ripple lawyers, that should confirm that XRP had not been classified as securities by the SEC until that time. According to the lawyers, that could mean that Ripple has not acted “recklessly” at all by not treating XRP as securities. Especially if the SEC didn’t do that itself.
However, the policy document does not provide enough insight and that is why the lawyers now want to view (anonymized) documents of SEC employees. Ripple Wants To Know If SEC Officials Were Permission To Enter XRP, But Also bitcoin (BTC) on ethereum (ETH), to act. The lawyers emphasize that they had already requested these documents from the SEC several times this summer.
The court gives the SEC until September 3 to file a response to this motion. The motion was filed on behalf of Ripple Labs, CEO Brad Garlinghouse and co-founder Chris Larsen. Won at the beginning of this month Ripple already made such a motion to file documents from cryptocurrency-exchange View Binance. Recently, Filan shared some important data to keep an eye on regarding the lawsuit.
#XRPCommunity #SECGov v. #Ripple #XRP Below is an updated schedule of upcoming events. Fabulous graphics courtesy of @stedas. pic.twitter.com/IUc8JPsGwB
– James K. Filan ???????????????? (@FilanLaw) August 28, 2021
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