Became a while back Ripple (XRP) requires a large amount of messages on the communication platform Slack to the American Securities and Exchange Commission (SEC) as part of the now famous lawsuit between these parties.
According to the SEC, Ripple had it bequeathed to provide the complete required documentation. Therefore, at the beginning of August, she filed a motion to Judge Netburn to obtain this complete documentation.
Ripple argued that an error in the data was responsible for the incomplete collection of information.
Ripple is suspected of selling XRP as security, or effect, without having the necessary licenses to do so. The lawsuit has been going on for quite some time and it doesn’t look like there will be an end to this chapter anytime soon.
Judge agrees with SEC
Judge Sarah Netburn has now ruled in favor of the SEC. Ripple is being instructed to deliver at least another 1 million messages on Slack.
Ripple protested the motion saying that delivering another shipment of documents would cost the company at least $1 million. However, the judge indicated that she believed this additional information is critical in the lawsuit and thus the SEC’s motion was upheld.
Judge Sarah Netburn argued that the cost to Ripple was disproportionate to the importance of this new documentation in the pending lawsuit.
According to the SEC, it was downright suspicious that such a number of messages were withheld. Following the messages that did end up in the hands of the SEC, the body believed that the remaining messages would already be crucial.
According to the SEC, the Slack reports include important discussions within Ripple about speculative trading in XRP, the importance of selling XRP to the company and even the status of XRP with government agencies.
It seems that Ripple now has no choice but to provide the withheld information as soon as possible.
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