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Judge Denies SEC’s Crypto Transactions to Ripple

thenewscrypto.com 23 September 2021 02:46, UTC
Reading time: ~2 m

  • Court denies in granting SEC’s crypto transactions to Ripple
  • Judge says SEC employee’s crypto history is completely irrelevant to the subject 
  • SEC states it has no fundamental obligations or policy upon crypto trading amongst its employees

The battle between Ripple and the U.S Securities and Exchange Commission (SEC) has been on fire since last month. Besides, the SEC now cornering the Ripple platform’s cryptocurrency, the XRP, Ripple fights back profusely. Also, according to the SEC, the Ripple platform and its cryptocurrency XRP are said to be completely insecure with many flaws in terms of security aspects. 

In spite of this, Ripple has filed a charge upon the federal court of New York at the end of August. Accordingly, Ripple requests the court to handover the SEC employee’s crypto trading history and transaction details. This is to the fact that if the employees have traded XRP, then with this Ripple wants to prove that the platform and its native token, the XRP are completely safe and secure. 

However, the entire court seems to be in favour of the SEC, as the judge denies granting Ripple’s request.

The Judge’s Decisions

The federal court judge, Sarah Netburn is found to be rather in support of the SEC and against Ripple. Accordingly, the judge states that the SEC’s Ethics Counsel did not implode Ripple or anything in link with it. 

Moreover, the judge states that in such a case it’s completely unnecessary for the SEC to give out the crypto trading history of its employees. And so, it’s not needed, declares the judge. 

In addition, Sarah points out that the court’s federal rules are to protect the U.S citizen’s privacy rights. 

The Battle History

Furthermore, it seems the SEC and the court favouring it are using the same statistics as that of Ripple previously. 

Accordingly, taking the history into account, at first the SEC has requested Ripple to provide it’s internal communications access. 

However, Ripple denied it. Also, Ripple justified that revealing all those related data and documents is a completely time consuming process and its cost is also a concern.

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