The SEC requires Ripple (XRP) to provide employee meeting records
The US Securities and Exchange Commission (SEC), having recovered from the recent demand of Ripple to attach to the court case the information about transactions using BTC, ETH and XRP made by their employees, went on to attack, requesting audio and video recordings of Ripple employee meetings.
Withholding potential evidence
According to the SEC’s assurances, Ripple representatives withheld the information sources that may contain potential evidence. The financial regulator also stated that it had requested this information from the cryptocurrency giant back in January 2021. However, the request was never fulfilled.
The existence of these materials was discovered only recently during a SEC interrogation of a former XRP employee. According to the Comission, the cryptocurrency giant routinely records all the meetings held by their employees.
Having learned about the existence of the materials potentially important for the trial, the financial regulator appealed to the defendant with a request to confirm this fact. The SEC also requested Ripple to transfer the audio and video recordings to them.
Ripple strikes back
XRP, in turn, acknowledged the existence of the records and issued a counter-statement, conditioning SEC not to request the disclosure of any internal information of the company.
According to Coingape, the SEC denied this condition, referring to the Federal Rules of Civil Procedure 26 (b) (1), which permits the acquisition of data that is relevant to either party’s claim or defence.
We are yet to find out how this battle will end. In case you’ve missed something, here’s what we have on their legal duel: Ripple’s CEO opinion, the May and June events, Binance’s involvement, a request for an extension of time, and an epic strike back. Stay tuned for more news on this case!
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