Ripple (XRP) requests extension in SEC case

Tue 10 Aug 2021 ▪ 16h52 ▪ 3 min de lecture - par Stepheer Fans

Ripple (XRP) has asked Judge Sarah Netburn to postpone its legal battle with the SEC until August 16. The reason is believed to be an urgent request from the Securities and Exchange Commission, in which the financial regulator asked the cryptocurrency giant to provide a history of correspondence between its employees on the corporate messenger Slack.

Slack files

The US SEC has asked Judge Netburn to demand Ripple to provide the history of correspondence between employees within the company’s corporate messenger, Slack. The SEC claims that Ripple had previously agreed to provide any and all data upon regulator’s lawful requests. However, as the deadline for providing the data from Slack approached, Ripple suddenly backpedaled, saying there had been a “data processing mistake”.

According to Coingape, following the court’s approval of the request, the cryptocurrency payment giant has filed a counter-motion with Judge Netburn, in which it has asked for the hearing to be postponed to a later date. Namely, to 16thAugust this year.

SEC’s interest

According to the SEC’s position, Ripple’s Slack correspondence contains “highly relevant messages” that could shed light on some of the circumstances of the case. According to the regulator, early on, the cryptocurrency organisation’s defender was unable to provide much of the requested data, including conversations from Ripple founder Brad Garlinghouse himself.

The SEC also insists that the defendants are already aware of the content of the information requested by the financial regulator, and have therefore avoided disclosing it at all costs.

According to a letter from the SEC to Judge Netburn, the correspondence requested by the regulator from Ripple employees is directly relevant to the disputes at the heart of the case. Among them could be:

– Discussions about Ripple’s desire to enable speculative trading of XRP (pages 2-6 of letter)

– The impact of Ripple’s announcements and efforts on the price of XRP (pages 8-24)

– The interconnection and importance of XRP sales to Ripple’s overall business (26-37)

– The regulatory status of XRP (39-40).

Ripple is indeed pushing back the deadline for submitting the documents requested by the SEC. We will see soon how the SEC and Ripple proceedings move, which could affect the value of XRP. Let’s see how the market reacts.

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Stepheer Fans

Pur produit millénial, je suis tombé dans le chaudron des cryptos, 100% connecté 24h/24. Ma citation préféré “In the midst of chaos, there is also opportunity” ― Sun-Tzu, L'Art de la Guerre

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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