Employees of the Securities and Exchange Commission (SEC) were allowed to trade in XRP and Ether. Ripple is curious about the situation.

Ripple has filed a motion with Magistrate Judge Sarah Netburn to compel the US Securities and Exchange Commission to produce additional documents that reflect its digital asset trading policies in order to determine whether SEC employees traded XRP prior to the issuance of the formal investigation order.

The troubled firm wants to know if SEC workers were permitted to trade cryptocurrencies such as XRP, Ether, Bitcoin, and others.

Ripple is also looking for annual certifications that show the agency's staff members' personal bitcoin holdings. It is open to receiving such data in an aggregated manner.

According to the defendants, their requests are "neither burdensome nor disproportionate":

Our request is neither excessive nor out of proportion to the case's requirements. The requested information should be easily available, and it appears that the SEC's counsel has previously evaluated it during our meet and confer procedure.

Trading policies in the lead up to an investigation

The securities watchdog had not put any limits on bitcoin trading for its own personnel until January 2018. According to the company's lawyers, this information supports the defendants' "fair notice" position, which is based on the idea that the SEC hadn't concluded whether the Ripple-affiliated cryptocurrency was a security in time to alert market participants.

Furthermore, the SEC's list of outlawed digital currencies does not include Bitcoin, Ether, or XRP.

The agency refused to say if its employees were permitted to trade XRP until March 9, 2019, the date the formal order of investigation was issued, claiming that such information was irrelevant.

The defendants also want to know if former SEC official William Hinman's infamous April 2018 remark, in which he declared that Ether was not a security, had any impact on the staff's trading activities.


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