Did the SEC Allow Employees To Trade XRP? Ripple Files Motion To Get Answers

Did the SEC Allow Employees To Trade XRP? Ripple Files Motion To Get Answers


Ripple’s legal team has filed a motion to compel the U.S. Securities and Exchange Commission (SEC) to reveal whether it allowed its employees to trade XRP.

The SEC requires its employees to seek clearance before they trade any security. However, according to Ripple’s motion, the SEC had not adopted any policy restricting its employees from trading digital assets prior to January 2018.

 

Trending: FDA Panel Member Says COVID Vaccines are Killing More Than They’re Saving During Youtube Livestream

That month, the regulator reportedly released a policy stating that digital assets could be subject to existing prohibitions against securities transactions, but it didn’t specify which assets – if any – would be classified as securities.

Ripple’s lawyers argue this internal policy indicates that the SEC, at least until January 2018, had not concluded that sales and offers of XRP were securities transactions.

“That fact undermines the SEC’s allegations that the Individual Defendants were reckless in failing to determine as early as 2013 that offers and sales of XRP were securities. Likewise, it supports Ripple’s fair notice

Continue reading

You Might Like

 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Daily Truth Report • DailyTruthReport.com
Thanks for sharing!
Send this to a friend