SEC Gloats as US Court Orders Ripple to Provide Slack Texts
New York, USA – Ripple filed a recent motion that served as its leverage in the ongoing case filed by SEC or Securities and Exchange Commission. Now, the United States or US court orders Ripple to provide Slack communication.
In the case of Ripple and SEC, Ripple has been winning small victories when the US court favours their motions regarding SEC documents that will support how this agency didn’t have strict instructions about using cryptocurrencies before and how it let its employees trade in cryptos as well. SEC filed a motion before Ripple did to disclose Slack communication, which the court and Ripple didn’t agree with at first. Now, the court is asking for these documents for the current investigation.
Judge Sarah Netburn told Ripple to give more Slack messages coming from a bigger group of custodians. SEC stated before that there are more than a million messages that the court will find handy during the investigation. Ripple agreed to this motion before, but it decided to disagree recently because the blockchain company stated that it’s not necessary.
The court ordered Ripple to provide messages from 22 custodians from SEC’s list, and the court found these documents useful to both parties.
Previously, Ripple said that it might be an “undue burden” if they provide Slack messages. It’s the response of the company to SEC when it filed the motion during the pre-motion conference. The refusal of this blockchain company was because of the mistakes while getting data.
Still, Ripple wants to know if any of the employees of SEC had XRP in their holdings. It wanted to know whether the employees traded in crypto or not, and the court agreed to it. However, after the order of the court for Ripple to disclose Slack messages, it might not be the best time for Ripple to gloat in yet.
Ripple and SEC continue to stay put while the court checks all the provided documents regarding the case. At first, Ripple has been more advantageous than SEC, but now, SEC appears to keep up.