SEC asks for access to more Ripple internal messages

The SEC has asked Ripple to submit more information related to the messages in its Slack history, which it believes is unique critical evidence in relation to the ongoing case.

Sponsored
Sponsored

The US Securities and Exchange Commission (SEC) filed a motion that would require Ripple to present its track record on the Slack communications platform. The municipality asked Judge Sarah Netbrun of the Southern District of New York to order the company to search for and produce relevant communications among its employees.

The SEC believes that some messages made by Slack, which have already been produced, may contain extremely important information. The lawsuit also claims that Ripple “suddenly refused to do it,” saying:

Sponsored
Sponsored

“At the beginning of the discovery, Ripple agreed to research and produce responsive data from Slack, but now, in the last days of fact finding, it suddenly refuses to do so based on Ripple’s mistakes in collecting this data.”

The SEC also noted another interesting fact. About a month after the initial production of the messages, Ripple admitted that it had omitted a “large amount” of data from Slack. This data processing error caused only a small fraction to be provided.

The agency then says that Ripple now refuses to research Slack’s full set of messages. The SEC’s comment on the matter was generally harsh. This was more than when he said that the refusal to produce most documents was “highly detrimental to the SEC”.

The company has since asked for an extension of the deadline – until August 16, 2021 – to respond to the motion.

Ripple vs. SEC clash continues

The case between Ripple and the SEC is one of the most notorious and intense going on in the cryptocurrency market right now. The company has been adamant that it has done nothing wrong, even as the SEC aggressively pursues the case.

Judge Netburn had previously denied the SEC access to Ripple’s legal communications. She also denied the SEC’s motion to suppress testimony. The company itself said that its XRP token is not a bond and that it has never had an ICO (initial currency offer).

In turn, she pointed out cases to prove her innocence. In July 2021, he referred to the SEC commissioners’ own remarks on the Coinschedule in an attempt to close the case.

Disclaimer

All information contained on our website is published in good faith and for general information purposes only. Any action that the reader takes based on the information contained on our website is at his own risk and expense.