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SEC Demands Ripple Deliver Over 1 Million Slack Messages in Ongoing Legal Battle – Decrypt

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In temporary

  • The SEC has requested mass quantities of Slack messages from Ripple.
  • The regulator claims the absence of this knowledge has been “highly prejudicial” to the SEC.

The Securities and Exchange Commission (SEC) has (*1*) Slack messages from crypto agency Ripple amid an ongoing authorized battle with the corporate. 

On July 1, 2021, the regulatory authority knowledgeable Ripple {that a} earlier provide of Slack communications knowledge was incomplete.

One month later, the SEC claims Ripple admitted to this error.

“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,” the SEC mentioned in a doc dated August 9, 2021. 

Why does this matter? 

According to the SEC, Ripple’s alleged failure to offer full Slack messages has had a destructive affect on the corporate’s ongoing authorized battle with the regulator. 

“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 added. 

The SEC additional claims that the messages Ripple has allegedly failed to offer up to now—collectively named the “Missing Documents”—are “necessary for the SEC to build a complete and accurate record for summary judgment and trial.” 

Not solely would these paperwork be doubtlessly admissible at mentioned abstract judgment and trial, the SEC believes they’re “likely” to refresh the reminiscences of Ripple staff at trial. 

How a lot knowledge are we speaking about? 

The SEC says the Missing Documents quantity to over a million messages. 

“The Missing Documents consist of well over one million messages, comprising terabytes of data,” the SEC mentioned. This, in flip, represents an array of knowledge the SEC believes “eclipses” Ripple’s e-mail productions.

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(This story has not been edited by CryptoNFT | Latest News Live and is revealed from a syndicated feed.)

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