JAKARTA – Ripple's (XRP) battle with the US Securities and Exchange Commission (SEC) at the court is still ongoing. Recent information states that judge Sarah Netburn asked Ripple to submit 1 million Slack messages to the SEC.
According to Cointelegraph, Sarah Netburn has officially ordered Ripple to return one million Slack messages that were lost among employees so that they can be accessed by the SEC.
Judge Netburn considered the messages to be part of important evidence in the SEC and Ripple cases. Previously XRP developer Ripple Labs has been accused of trading securities illegally because it is not registered with the SEC. Ripple lodged a protest against the lawsuit.
The Securities and Exchange Commission in the United States filed a lawsuit against Ripple Labs and its CEOs, Christan Larsen and Brdley Garlinghouse, alleging the company had sold the securities without registering them with the SEC on December 20, 2020.
Law360 reports that the initial motion forcing Ripple began last August 9. The SEC considered that messages between Ripple employees themselves were called "relevant to the parties' claims and defenses and proportionate to the needs of the case." The SEC revealed that Ripple's Slack message was incomplete.
“Last month, the SEC informed Judge Netburn that Ripple's generated Slack messages appeared to be incomplete. Ripple initially denied this claim, but revised its statement claiming that it was a data processing error that resulted in the company generating only a small number of relevant messages, and more than a million missing messages," the SEC statement read.
The SEC assesses that Ripple has failed to provide complete Slack records and that it will result in losses for Ripple itself considering that the messages received by the SEC lead to the rest of the missing messages. Even though the missing messages are considered quite relevant as evidence.
“These messages include: (a) discussions about Ripple's desire to create speculative trades in XRP, (b) the effects of Ripple's announcements and efforts, and Ripple's concerns regarding, the price of XRP, the relationship and importance of selling XRP. for the entire Ripple business, and (d) the regulatory status of XRP.”
The effort to recover the 1 million lost messages could cost $1 million over the months. This is very detrimental to Ripple Labs. On the other hand, Judge Netburn considered that the cost was too large in dealing with the interests of the XRP-SEC case.
"Every burden to Ripple is comparable to previous agreements to produce the relevant Slack message, the relative resources of the parties, and the amount of controversy," said Judge Sarah Netburn.
At the time of writing, the cryptocurrency Ripple (XRP) is trading at Rp. 18,207, an increase of 2.7 percent in the last 24 hours, according to data from CoinGecko.
The English, Chinese, Japanese, Arabic, and French versions are automatically generated by the AI. So there may still be inaccuracies in translating, please always see Indonesian as our main language. (system supported by DigitalSiber.id)
