Thursday, May 19, 2022

US Court Declines Ripple’s Request Against SEC

In the ongoing legal battle between the United States Securities and Exchange Commission (SEC) and Ripple Labs, the court denied the blockchain company’s request to attain the crypto trading details of the US financial markets regulator’s employees. 

While announcing judgment, Judge Sarah Netburn of a New York district court stated, “Defendants have not shown that such individual trading decisions bear on the issues in this case.” 

Before Ripple asked the SEC to provide the crypto trading details of its employees, the court ordered the regulators to reveal its crypto trading-related policies. 

Following that order, the SEC told the court that before this legal battle against Ripple, the regulator did not frame any policy related to crypto trading.

But during the hearing, the blockchain firm mentioned that the legal representatives of the SEC mentioned that the employees of the regulatory body were banned from trading XRP after 2019.

The judgment further noted, “Although the SEC’s policies (or absence of policies) may provide relevant evidence related to fair notice or recklessness, how an Ethics Counsel viewed a trading decision is more likely to cause confusion or create collateral litigation disputes.”

The court also stated that revealing such documents would violate the privacy of the SEC employees.  

Meanwhile, the court also released an order asking Ripple to share around 1 million Slack messages of its employees with the regulators. For this, the blockchain company would have to pay $1 million and the company might take several months to recover the data.

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