The Ripple V. the United States Securities and Exchange Commission [SEC] lawsuit is ongoing. Recently, Ripple filed a motion compelling the SEC to reveal the details of their employees holding XRP and also to have them reveal their BTC and ETH holdings. However, the SEC refused to give the details pointing to the privacy of its employees. And, the SEC requested that the court should deny Ripple’s (defendant’s) motion.
SEC argued that disclosing the trading details of its employees will be “Unjustified Intrusion.”
Pascale Guerrier, trial Attorney at the SEC’s Division of Enforcement, expressed: “The sensitive data is collected by the SEC’s Office of the Ethics Counsel (“Ethics Counsel”) for purposes of ensuring SEC employees’ compliance with ethical rules intended to prevent conflicts of interest—not to determine whether any particular transaction complies with the securities laws.”
The Ethics Counsel has confirmed that they have not placed XRP, Bitcoin, and Ether in their list of prohibited holdings. Also, it stated that XRP is on their watch list. Further, established that pre-clearance by the “Ethics Counsel” does not indicate whether the transaction is in compliance with the securities law.
The SEC pointed to other reasons to establish why it wanted the court to deny Ripple’s request. The SEC stated that even if Ripple were given anonymous documents, the data aggregate would bring down the trust that employees place on the Ethics Counsel. Also, they stated that the task would tax the SEC as nearly 9 years’ worth of material has to be produced.
James K. Filan, the Defense lawyer for Ripple and the former federal prosecutor, stated, “The problem for the SEC is that they are wrong on the facts and wrong on the law.
Community response: It sounds like they got skeletons in their closet.
Judge Netburn clearly stated, the defendant doesn’t have to see the docs; she will review them in-camera. SECgov should stop stalling.
Weird that they spend so much time making the point about privacy when Ripple explicitly suggested aggregate data. Did Pascale not thoroughly read the filing? Or clutching at straws?
The SEC is a serious waste of American taxpayers’ money. It looks like a lot of talking in circles to me. If you can’t make a concise point for this request, it tells me they’re struggling. Throwing all this out there, hoping something sticks. Pathetic.
Evidence is mounting now pointing to employees inside the SEC are conducting insider trading and picking winners and losers, and having conflicting interests; if they are to be found guilty of any of these, then they should face jail time, not a fine or a slap on the wrist.
Who actually sat down and took the time to type all of this garbage. If the SECGOV or anyone related to the SEC on DEC 22, 2021, had XRP in their wallets, this case is OVER.
