Sign Up on MEXC
In the latest XRP lawsuit update, the SEC has filed a Motion to Compel data discovery. The letter motion pleas to the court to compel Ripple to produce video and audio recordings of Ripple staff meetings.
#XRPCommunity #SECGov v. #Ripple #XRP The SEC has filed a Motion to Compel Ripple to produce video and audio recordings of Ripple staff meetings it claims to have learned about from a "key former Ripple employee" in a deposition taken earlier this month.https://t.co/3Lfv1UrgZz
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) August 31, 2021
The SEC asserted that Ripple’s vast accumulation of potential evidence was kept from the plaintiff, despite SEC’s request for relevant recordings in one of its very first letters to Ripple in January 2021. However, according to the SEC, Ripple never informed the plaintiff that the defendants routinely recorded staff meetings. Nevertheless, the SEC recently learned about it from a “key former Ripple employee” in a deposition taken earlier this month.
Ripple’s former Chief Compliance Officer, Antoinette O’Gorman revealed for the first time in the lawsuit, in her deposition of 4th August about Ripple’s routinely recorded staff meetings. Upon the discovery of this new information, the SEC requested a confirmation of the same from Ripple. Additionally, the plaintiff requested the production of responsive recordings, which it had mentioned when discovery just began, back in January. Ripple acknowledged that it had hidden the routine recordings’ information from the plaintiff.
SEC shares Ripple’s condition to compliance of data discovery
Upon SEC’s informal request, Ripple agreed to produce the audio-visual data. However, the discovery came with terms and conditions. Ripple stated that it will willingly produce the recordings mentioned in Exhibit A if the SEC forfeits its right to seek data discovery in foreseeable future.
Ripple stated,
“right to seek to obtain any relevant and responsive recordings that the SEC may later learn about, including from the September depositions of Individual Defendants Bradley Garlinghouse and Christian A. Larsen or from any additional documents Ripple or the Individual Defendants produce in this litigation.”
SEC denies Ripple’s terms & conditions
Unsurprisingly, the SEC has denied Ripple’s conditions to compliance before SEC’s data discovery request. This, in turn, has led to SEC’s latest letter motion to compel discovery. The plaintiff also quoted the Federal Rule of Civil Procedure 26(b)(1). It states that the rule permits the acquisition of data that is relevant to either parties’ claim or defense, along with its correspondence to case requirements.
Considering “the amount in controversy, the parties’ relevant access to relevant information, the parties’ resources, [and] the importance of the discovery in resolving the issues and whether the burden or expense of the proposed discovery outweighs its likely benefit.”, cited the SEC.
- South Korea Ends 2018 Ban on VC Investments in Crypto Firms
- Wall Street’s CPI Forecast: Expert Examines if Bitcoin Price Can Sustain Triangle Breakout?
- Avalanche Seeks $1B to Launch Treasury-Focused AVAX Firms in U.S.
- Dogecoin Leads Crypto Market Rally, Expert Sees $0.50 Target on DOGE ETF Launch
- Ethereum News: Latest On-chain Activity Hints Massive ETH Purchase by Bitmine (BMNR) and SharpLink (SBET)
- Pump Price Forecast as $12M Buyback Fuels Scarcity — Is $0.01 in Sight?
- SUI Price Prediction as Mysten Labs Meets SEC Ahead of ETF Decision—Is $7.5 Next?
- Can Dogecoin Price Hit $1 as Derivative Volume Jumps Ahead of DOGE ETF Launch
- Bitcoin Price Prediction Eyes $150K as Trump Calls for Aggressive 100 BPS Rate Cut
- Solana Price Prediction: Can Nasdaq Listing and $94M Holdings Propel SOL Toward $400?
