A federal decide in New York has denied Ripple Labs’ movement to compel the U.S. Securities and Exchange Commission (SEC) to produce information of its workers’ crypto transactions.
Ripple filed the movement on Aug. 27 requesting details about whether or not SEC workers had bought and traded bitcoin, ether and XRP, the latter the cryptocurrency the regulator alleges Ripple has been promoting in unregistered securities transactions. United States Magistrate Judge Sarah Netburn rejected the motion on Tuesday.
According to the movement, Ripple met with the SEC 4 separate instances, starting on July 8, to request information of the company’s workers’ crypto transactions “without progress.”
Ripple attorneys requested “anonymized documents reflecting trading preclearance decisions with regard to XRP, bitcoin and ether, or alternatively, for that information to be produced in aggregate form.”
Netburn wrote that “because the preclearance process does not consider whether an asset is a security, [Ripple has] not shown that such individual trading decisions bear on the issues in this case.”
The SEC requires its workers to get approval earlier than buying and selling any securities however didn’t present inner steerage on crypto buying and selling till January 2018.
On March 9, 2019, the SEC issued a proper order of investigation into Ripple. After this level, SEC workers had been barred from buying and selling XRP.