Sad news when the magistrate rejected Ripple's application to obtain documents related to the crypto trading activities of Securities and Exchange Commission (SEC) officials.
For the record, Ripple had made the application to identify the involvement of SEC officials in Bitcoin (BTC), Ethereum (ETH), and XRP trading but was rejected by judge Sarah Netburn yesterday.
Here are the details of the appeal:
Ripple has met with the SEC four times since July 8 to obtain records of the agency’s officials ’crypto transactions.
Ripple’s attorneys had requested documents proving the relevant trade pre-agreement results: XRP, BTC, ETH, or any other cryptocurrency before the information was scrutinized closely.
However, negotiations between the two sides did not lead to exciting developments.
Netburn explained the rejection of the appeal was based on XRP's status whether the securities or not, failed to be decided based solely on a pre-agreement process: "Ripple proves such individual trading decisions can be used in support of this case."
Previously, the SEC had imposed conditions on its officers to obtain permission before trading any securities but did not provide internal guidelines related to crypto trading until January 2018.
In early March 2019, the SEC uncompromisingly issued a summons and an investigation order against Ripple. Following that, SEC officials were blocked from making XRP trades immediately.
