Ripple’s lawyers have recently asked their trial judge to order the US Securities and Exchange Commission to provide information about its employees’ digital currency transactions to the court. The stock exchange commission must respond to this request within another 3 days.
to the Report Ripple’s Coin Telegraph has filed a lawsuit against the US Securities and Exchange Commission, forcing it to disclose details of its domestic policies related to digital currency trading.
James Filan, an American lawyer who closely follows the Ripple case and the stock exchange commission, recently shared on his Twitter account the document related to the new request of Ripple lawyers. As the text of the petition suggests, Ripple’s attorneys intend to clarify whether the Securities and Exchange Commission has allowed its employees to trade XRP tokens, when the US Securities and Exchange Commission claims. XRP tokens are unregistered and illegal securities.
The lawsuit, filed on behalf of Ripple Labs, Ripple Labs, Brad Garlinghouse, CEO, and Chris Larsen, CEO, has been filed in Southern New York. To force the US Securities and Exchange Commission to provide information on its in-house trading policies related to digital currencies.
Ripple’s lawyers plan to force the US Securities and Exchange Commission to provide confidential documents to the court that contain details of the government agency’s “employee verification licenses” and include Bitcoin and Ethereum transactions in addition to XRP tokens.
The text of this request states:
Defendants also demand documents related to those employees of the Exchange Commission who have XRP tokens, which can be provided either by editing the personal information of the employees or in a cumulative manner.
An aggregate list is a collection of information and data in which the personal information of individuals or organizations is not disclosed directly or indirectly.
Ripple’s lawyers have emphasized that all their efforts to obtain information from the US Securities and Exchange Commission have so far failed:
We met and talked with the stock exchange commission on July 8 and 15 (July 17 and 24) and also on August 18 and 25 (August 27 and September 3), but no results were obtained.
According to Filan, the court has given the stock exchange commission until September 3 (September 12) to respond to Ripple’s request. The lawyer added that the order was only a duct (ie only entered in the court records for consideration) and no separate written order was registered in this case.
Ripple’s latest efforts come as the digital currency community expects a virtual meeting with the US Securities and Exchange Commission in the near future to discuss Ripple’s deferred action to force the commission to submit a set of documents. It is worth noting that the court has not yet considered Ripple’s request, and the company’s lawyers believe that their request is related to the issue of “fair warning”. A fair notice refers to a law that requires individuals or legal entities to file a complaint within a specified period of time when the accused has the opportunity to respond to the complaint.
Judge Sarah Netburn of New York Southern District Court has scheduled a virtual meeting of Ripple and the Scholarship Commission for August 31 (September 9).
The US Securities and Exchange Commission launched a lawsuit against Ripple in December 2020, claiming that Ripple had sold $ 1.3 billion in XRP tokens as unregistered securities. Judge Netburn last month allowed Ripple to use the testimony of William Hinman, the former director of finance at the US Securities and Exchange Commission. The former US Securities and Exchange Commission official is best known for his 2018 speech in which he said Ethereum is not a securities.