The latest development of the Securities Exchange and Commission (SEC) lawsuit against Ripple is now a snare when the supervisory agency is urged to disclose XRP holdings that may be owned by some of its officials.
It began when Ripple’s defense demanded the SEC provide documentation related to pre-trade decisions against XRP, Bitcoin (BTC), and Ethereum (ETH).
Through the data, Ripple will have the space to see clearly how the trading policy on digital assets is set by the SEC.
At the same time, Ripple was also able to identify whether the SEC allowed its officers to trade XRP or vice versa.
For the record, in June 2021 Ripple obtained permission from the court to urge the SEC to submit the document.
However, Ripple revealed that their research found a dead end following the SEC's preparation of an "Ethical Guide on Digital Assets", a policy dated January 2018.
For information, the policy outlines the SEC in no way prohibiting its officers from trading in cryptocurrencies until January 2018.
This is where Ripple’s strength lies, pointing a finger at the same facts and explaining the SEC does not consider digital assets to be ‘securities’.
So why are they accused of trading XRP, an illegally unregistered security since 2013?
The SEC’s allegations are not in line with established policies against its officers. In fact, even worse, the agency seems to want to 'shoot' the entire crypto industry through Ripple.
Perhaps previously the SEC was too confident of winning, however this challenge caused the SEC and its chairman, Gary Gensler to increasingly lose credibility.
At the time of writing, XRP recorded a positive movement in 24 hours with an increase of over 8% with the current trading value, $ 1.20.
