SEC demanded Ripple to deliver 1M slack messages in the ongoing legal battle claiming a previous tranche of comms data was incomplete as we are reading more in our latest Ripple news today.
The Securities and Exchange Commission requested Slack messages from ripple claiming there was an absence of data that was prejudicial to the SEC. The Securities and Exchange Commission- SEC demanded Ripple to deliver slack messages informing the company that a previous supply of Slack communications data was incomplete. A month later, the SEC claims Ripple admitted to the mistake:
“After repeatedly contending that its Slack production was complete, Ripple admitted that, due to a data processing mistake, Ripple had only collected a small fraction of Slack messages.”
According to the SEC, Ripple’s failure to provide complete slack messages had a negative impact on the ongoing legal battle with the regulator as the SEC added:
“Ripple’s data error and refusal to produce most documents have already been highly prejudicial to the SEC. Among other things, the SEC has deposed 11 Ripple witnesses using incomplete records of their communications.”
The SEC claims that the messages ripple allegedly failed to provide to this date named “Missing Documents” are necessary for the SEC to build a complete and accurate record for trial and judgment. Not only would these documents be admissible at the summary judgment and trial, the SEC thinks that they will refresh the memories of Ripple employees at the trial. The SEC said that the Missing Documents amount to more than a million messages:
“The Missing Documents consist of well over one million messages, comprising terabytes of data.”
As recently reported, Earlier this week during the Aspen Security Forum, the annual three-day conference for global leaders to discuss some of the key national security issues, Brad Garlinghouse addressed the lack of clarity in the crypto industry and the regulation in the US. Garlinghouse commented on the US Securities and Exchange Commission chair Gery Gensler discussion on the matter which took part earlier in the conference is personally a defendant in the case filed by the agency alleging that Ripple’s sale of XRP was unregistered security offering worth more than $1.38 billion.