SEC will not disclose XRP, BTC, ETH holdings of its employees due to...
SEC will not disclose XRP, BTC, ETH holdings of its employees due to... SEC will not disclose XRP, BTC, ETH holdings of its employees due to...

The SEC has objected to Ripple’s claims that it would disclose how much XRP, BTC and ETH are in the digital wallets of Commission employees. It cited the privacy of its employees in justifying its position.

SEC cites… privacy

On August 27, Ripple’s lawyers filed a court motion to compel the SEC to disclose its employees’ XRP holdings, as well as bitcoin and ethereum trading information. The company requested this information in the form of anonymous documents or in aggregate form:

In a response dated September 3, the SEC argued that releasing its employees’ trading information would be an “unwarranted intrusion” into privacy. The document reads:

“Sensitive data is collected by the SEC’s Office of the Ethics Board (“Ethics Board”) to ensure that SEC employees comply with ethical rules designed to prevent conflicts of interest – not to determine whether a particular transaction complies with securities laws.”

The document explains that pre-approval by the “Ethics Ombudsman” is not an indicator of a transaction’s compliance with securities laws, so it is not relevant to the case. It should be noted that the “Ethics Ombudsman” confirmed that it did not place XRP, BTC or ETH on the list of “prohibited assets”. XRP was, however, at the top of the “watch list”.

That’s not all

The SEC also outlined

other reasons justifying why it wanted the court to deny Ripple’s request. Although Ripple requested anonymized sets of documents, the SEC found that even data in aggregate form would undermine its employees’ confidence in the “Ethics Counsel.”

Moreover, the SEC noted that gathering the information would strain the resources of the “Ethics Counsel” because sets of material from nine years might have to be prepared. Calling the information sought “simply irrelevant,” the document explained

:

“Maintaining a high level of privacy protection for SEC employees further outweighs any benefit of disclosure.”

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