Judge grants SEC access to internal Ripple conversations
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Answer Judge grants SEC access to internal Ripple conversations
The back-and-forth continues between the SEC and Ripple.
The legal case is still ongoing between the US Securities and Exchange Commission (SEC) and Ripple, with a continuous escalation.
This time around, the SEC has been granted access to Ripple employee communications on the Stack app.
The Securities and Exchange Commission and the in-depth audit of Ripple files:
According to the website,Law360The Securities and Exchange Commission (SEC) took the discovery win after US District Judge Sarah Netburn ordered Ripple to give the regulator access to more than 1 million previously missing messages from the Slack communication app.
Ripple has already handed over some of its internal discussions to the SEC, while refusing to hand over much of the private internal communications.
Read:What is the XRP currency? What is its relationship with Ripple?
The company flagged a processing error, even though it had previously agreed to search “terabytes” of Slack data initially.
The SEC described Ripple’s failure to produce full Slack conversations as highly malicious, because the portion it received indicated that the missing messages would be relevant to the case.
After failing to comply with its request, the SEC filed a court application in August for access to these letters.
According to the SEC regulator, it is relevant to the parties’ claims and proportional to the needs of the case.
Aside from Slack messages, the SEC also seeks access to all conversations from 22 trustees on the email.
The SEC alleged that the letters included:
- (a) Discussions about Ripple’s desire to establish a speculative trade in XRP.
- (b) The impact of Ripple’s announcements and efforts, and Ripple’s concerns about the price of XRP.
- (c) The regulatory status of XRP.
Ripple faces the dilemma of providing a huge amount of data
Ripple responded to the SEC’s proposal, stating that the SEC’s request was unreasonable and unfair because recovering all lost Slack messages would not only cost up to $1 million, but also take several months.
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Regardless of Ripple’s argument, Judge Netbourne noted that its prior approval of the production of intercom data on Slack is too burdensome for Ripple.
Last week, we reported on Bitcoin Arab about Ripple filing a court filing to expose SEC employees and how their wallets hold XRP.
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