The Securities and Exchange Commission (SEC) of the United States has submitted a filing demanding the submission of Ripple’s slack history. Sarah Netburn, the Judge of New York’s Southern District, has been requested by SEC to direct the company for providing the appropriate communications done among its employees.
The demand from SEC
The SEC considers that some of the Slack messages, which Ripple has already provided, contained vital information. The filing by the SEC further mentions that Ripple has declined to fulfill its demand. The document adds that the company promised to produce the Slack data at the start, but it has unexpectedly refused to do it by posing that some mistakes hindered the collection of data. Along with this, SEC noted another interesting thing that the firm has given just a small amount of data despite agreeing to provide a huge amount of it at the start of the case.
SEC further moved to describe that Ripple has denied looking for the entire set of Slack messages. By and large, the SEC’s point of view was severe regarding the company. Due to the refusal, SEC elevated the issue and pointed out that the rejection instead of presenting the relevant information shows a very prejudicial behavior by the company. The firm has requested a time extension ranging till 16th August 2021 to give a response.
Ripple & SEC move for the next round
The lawsuit between SEC and Ripple is among the most extreme and high-profile cases that are currently running in the cryptocurrency space. Ripple has determinedly upheld the stance that it had not done any illegal activity, notwithstanding the aggressive follow-up of the case by the SEC. In this regard, the entrance to the private communications of the company has not been permitted by Judge Netburn, considering it a very sensitive issue to breach an institution’s rights. Moreover, Ripple has claimed that it did not ever hold an ICO, as well as XRP (its currency) is not counted among the securities.
Keeping the above-mentioned claims in view, the company has precisely mentioned the cases to ascertain its guiltlessness. In July this year, the firm brought forward a case related to Coinschedule and referred to the remarks of the commissioners of the SEC that they made after a request by the firm to dismiss the case.