In a more recent update on Ripple’s ongoing lawsuit against the United States Securities and Exchange Commission (SEC), the SEC opposed Ripple’s motion that required it to disclose the XRP holdings of the company’s employees. SEC. Citing the privacy of its employees, the SEC requested that the court reject the defendants’ motion.
#XRPCommunity #SECGov v. #Wave #XRP The SEC has filed its Opposition to the Ripple Defendants’ Motion to compel the SEC to produce documents showing whether SEC employees could trade XRP and other digital assets. Six pages in two consecutive tweets. pic.twitter.com/gCuXeUkpOs
– James K. Filan 🇺🇸🇮🇪 (@FilanLaw) September 3, 2021
On August 27, Ripple had filed a motion with the presiding court to compel the SEC to disclose the XRP holdings of its employees, as well as Bitcoin and Ethereum trading information. The blockchain firm had requested such information in anonymized documents or aggregate form.
In its opposition dated September 3, to Ripple’s aforementioned motion, the SEC argued that producing the business information of its employees would be a “unwarranted intrusion. “In the document, the trial attorney for the SEC’s Enforcement Division, Pascale Guerrier mentioned,
“Confidential data is collected by the SEC’s Office of the Ethics Advisor (” Ethics Advisor “) in order to ensure compliance of SEC employees with ethical rules intended to prevent conflicts of interest, not to determine whether a particular transaction complies with securities laws. “
In essence, the document cleared up that the prior authorization of the “Ethics Advisor” was not an indicator of whether the transaction was compliant with the securities law, so it would be irrelevant to the case. It is vital to note that the “Ethics Advisor” confirmed that he had not placed XRP, Bitcoin or Ether under his “Prohibited participations“list. However, XRP was under his”Watch list. “
The SEC also provided other reasons justifying why it wanted the court to reject Ripple’s motion. Although Ripple requested anonymous documents, the SEC claimed that even the data in aggregate form undermine the trust of its employees in the “Ethics Council”.
In addition, the SEC noted that the collection of information would tax the resources of the “Ethics Advisor”, as up to nine years of material may have to be produced. Call the requested information “simply irrelevant”, Clarified the document,
“The substantial weight of the privacy interests of SEC employees also outweighs any benefit from disclosure.”
Defense attorney and former federal prosecutor James K. Filan shared screenshots of documents consisting of the SEC’s counter response, in a recent tweet. Responding to a question asked by a Twitter user, set:
“The problem for the SEC is that they are wrong in the facts and in the law. However, nothing I’ve seen has changed my opinion that this case goes further. “
This is a machine translation of our English version.
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