California, USA – Ripple comments on US Securities and Exchange Commission or SEC’s request regarding Slack Communication history, stating that it’s improbable to solve the problem during the ongoing case.
The US SEC filed a motion to request for a million of Ripple’s internal messages to be used during the ongoing case filed against the blockchain company. However, Ripple requests the court to refute the request of the SEC because it’s costly.
According to the defence attorneys of Ripple, the demand of SEC needs an extensive expedition, and it’s costly because it might take months to complete the case. The attorneys also stated in the letter that it’s unreasonable to check over a million pages of communication, such as text messages, documents, emails, and Slack messages for 33 curators.
The case filed by SEC against Ripple was in December 2020, stating how the company sold XRP without registering it as security. SEC stated that Brad Garlinghouse, the CEO of Ripple, and Chris Larsen, executive chairman of Ripple, are abetting and aiding the violations of the company.
Many companies and crypto investors worldwide monitor the case, and it might reshape the crypto industry.
Ripple filed a motion to close exhibits related to the request of SEC regarding Slack accesses as the company doesn’t agree on it. The team stressed how challenging it could be to collect and manage unstructured information in Slack. Despite SEC’s belief that the history of messages in Slack can be handy during the case, the blockchain company thinks it’s cumulative and duplicative.
Ripple also added that the e-discovery vendor didn’t succeed in collecting direct messages, along with multi-party messages, because of a mistake. Back in July, the company discovered an oversight, so the company confirmed that it began collecting necessary information.