In the Ripple-SEC case, the Securities and Exchange Commission (SEC) of the United States has filed a motion for Ripple to provide the history of its communication on Slack.
Judge Sarah Netbrun of the Southern District of New York was asked by the SEC to require the firm to search for and produce pertinent conversations between its employees.
The SEC believes that some of the Slack chats that have previously been released contain essential information. According to the filing, Ripple “suddenly refused to do,” adding,
“Ripple agreed at the outset of discovery to search for and produce responsive Slack data but now, in the waning days of fact discovery, suddenly refuses to do so on the basis of Ripple’s mistakes in gathering that data.”
Another intriguing fact is mentioned by the SEC. Ripple revealed about a month after releasing the messages that it had left out a “huge quantity” of Slack data. Only a small portion of the data was delivered due to a data processing error.
Ripple currently refuses to search the entire set of Slack messages, according to the article. In general, the SEC’s comments on the case were scathing.
This was more so than when it stated that the refusal to produce the majority of papers was “extremely detrimental to the SEC.”
The settlement firm has since requested an extension of time to respond to the motion, which has been granted until August 16, 2021.
The lawsuit between Ripple and the SEC is now one of the most high-profile and contentious in the cryptocurrency market. Even while the SEC pursues the case aggressively, Ripple has maintained that the company did nothing wrong.
The SEC has previously been refused access to Ripple’s legal communications by Judge Netburn. She also turned down the Securities and Exchange Commission’s attempt to suppress a deposition. Ripple has stated that XRP is not a security and that it has never undertaken an initial coin offering (ICO).
It, for one, has cited cases to demonstrate its innocence. It cited the SEC commissioners’ own comments on Coinschedule in an effort to have the case dismissed in July 2021.
