Judge dismisses Ripple’s appeal to disclose SEC staff’s crypto transactions
In the latest update on the Ripple vs. SEC lawsuit, a magistrate of the state of New York has dismissed Ripple’s petition on the 21st to submit records of whether SEC employees were engaged in crypto transactions.
Since June, Ripple has requested the SEC to disclose its ‘internal trading policy’ and submit crypto transaction records of SEC employees. The company held multiple meetings with the SEC, but the financial authority has refused to disclose the documents at all.
The aim for disclosure was for Ripple to examine how the SEC delineates securities decisions for XRP compared to other cryptocurrencies such as Bitcoin and Ethereum.
“Because the preclearance process does not consider whether an asset is a security,
Defendants have not shown that such individual trading decisions bear on the issues in this case,” wrote US magistrate Sarah Netburn on Tuesday.
Although the SEC employees had to obtain pre-approval for trading securities, the regulatory body did not establish internal guidelines until 2018. When the SEC started a formal investigation into Ripple in March 2019, the SEC employees were barred from trading XRP
The post Judge dismisses Ripple’s appeal to disclose SEC staff’s crypto transactions appeared first on Our Bitcoin News.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow
