Ripple vs. SEC: Judge Denies Ripple’s Motion to Access SEC Staff Trading History

22 September 2021 | Updated: 22 September 2021

Magistrate Judge Sarah Netburn has denied Ripple Labs’ recent motion to compel the US Securities and Exchange Commission (SEC) to present records of its staff crypto transactions to prove that the Commission changed its judgment of XRP being a security.

The defendant’s attorneys tried to prove that some SEC employees traded XRP, which would show that the agency did not see XRP as security before.

However, Judge Netburn opposed this assertion for several reasons. Firstly, she upheld the relevance of the Securities and Exchange Commission’s argument that “the preclearance decision process does not involve any determination by SEC Ethics Counsel that a trade complies with the securities laws.”

Secondly, she opined that there was a lack of legal justification to approve the defendant’s request considering that the federal rule protects the privacy rights of SEC employees as US citizens. Judge Netburn noted that:

“As to the annual certifications that Defendants seek, Congress has presumptively prohibited disclosure of such financial information through federal privacy statutes and regulations in order to maintain government employees’ privacy.”

Finally, she explained that since the SEC had no trading policy regarding digital assets during the time of interest for the lawsuit, its employers did not break any rule even if they indeed traded cryptocurrencies.

Key Ripple Levels to Watch — September 20

Ripple (XRP) suffered a damaging blow from the $1.0500 level on Sunday amid an industry-wide crash. This decline brought XRP near the $0.8500 level, a six-week low.

XRPUSD – 4-Hour Chart

That said, the sixth-largest cryptocurrency now retests the $0.9500 barrier as bears run out of steam. Our 4-hour MACD indicates that market momentum is slowly turning bullish, as bulls aim for the $1.0500 mark. A further decline from the current price should get repelled by the $0.9000 round figure.

Meanwhile, our resistance levels are $0.9500, $1.0000, and 1.0500, and our support levels are $0.9275, $0.9000, and $0.8800.

Total Market Capitalization: $1.87 trillion

Ripple Market Capitalization: $43.6 billion

Ripple Dominance: 2.34%

Market Rank: #6

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.