Browse By

SEC wants access to Ripple corporate system messages

The US Securities and Exchange Commission (SEC) asked on Ripple Monday (09) to provide all missing message data from the business communication platform Slack, amid an ongoing legal battle.

SEC wants access to Ripple corporate system messages

SEC wants access to Ripple corporate system messages

On July 1, 2021, the regulatory authority informed the company that the previous data submission was incomplete.

“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 said in a document dated August 9, 2021.

According to the regulator, Ripple’s alleged failure to provide complete messages from Slack had a negative impact on the ongoing legal battle. The regulator claims that the absence of such data was “highly detrimental” to the SEC.

“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.

Read more:

The SEC further alleges that the messages Ripple has allegedly failed to provide so far — commonly called “missing documents” — are “necessary for the agency to build a complete and accurate record for the trial.”

The regulator says that these documents would not only be potentially admissible in the complaint, but also in the judgment. That’s because the agency believes the files “probably” can refresh the memory of Ripple employees before the court.

The SEC says the lost documents add up to more than a million messages.

“The lost documents consist of more than a million messages, spanning terabytes of data,” the agency wrote. The SEC also says that this represents a lot of information that could “overshadow” Ripple’s e-mail productions.

With informations: Decrypt

Leave a Reply

Your email address will not be published.