The lawsuit between Ripple (XRP) and the American Securities and Exchange Commission (SEC) has been going on for quite some time now. However, there seems to be no end in sight and it turns out to be a true war of attrition be for both parties.
The SEC sued Ripple for illegally selling securities, or securities, without having a license.
Submitted documentation not complete
Recently, at the urging of the SEC, Ripple has had to deliver a large number of messages on the communication platform Slack. Now the SEC states that the documentation provided by Ripple was far from complete.
As a result, the SEC filed a new motion in court on Monday to uncover the rest of Ripple’s internal communications on Slack.
#XRPCommunity #SECGov v. #Ripple #XRP BREAKING: SEC files emergency motion for a discovery conference regarding Slack communications. Seeks order compelling Ripple to search and produce relevant communications between Ripple employees on Slack.https://t.co/AQ8Av1igoV
– James K. Filan ???????????????? (@FilanLaw) August 9, 2021
The motion shows that Ripple blames an error in data processing for providing incomplete information. This while initially Ripple confidently stated that the provided communication on Slack was complete.
The SEC believes there is a huge amount of information yet to be discovered and the body is displeased with Ripple’s actions:
“Ripple’s data error and refusing to provide most of the documents has already been extremely detrimental to the SEC. The SEC also took testimonies from 11 Ripple employees, all of whom used incomplete records of communications.”
According to the SEC, there are still at least 1 million messages to surface and this concerns terabytes of data. The SEC believes Ripple communicated internally on Slack at least as often as via email. It is for this reason that the SEC considers the records of these communications to be critical to the investigation.
If the motion is approved by New York District Court Judge Sarah Netburn, Ripple will have no choice but to supply the missing information.
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