TL;DR Breakdown
- SEC vs Ripple legal suit takes new twist as regulators ask for more slack messages
- Regulator previously demanded slack messages from Ripple but did not get all requested messages
- SEC says missing document is pivotal to the case
The Security and Exchange Commission SEC vs Ripple legal battle over the past months has taken several twists since both entities began their fight.
Most recently, a viral report stated how the court granted Ripple’s request to collect a Binance document to be used in their defense against the SEC.
However, in a twist on Monday, the SEC requested Slack messages from crypto firm Ripple amid the ongoing war. Back in July, SEC had informed Ripple that a previous supply of Slack communications data was incomplete.
Ripple said on Monday that they had only received a small fraction of Slack messages after their first request. The regulators admitted that the fault was on their part due to a data processing mistake.
Implication of slack messages in SEC vs Ripple fight
The regulators noted that Ripple’s alleged failure to give up complete slack messages has negatively impacted the SEC vs Ripple lawsuit.
“Ripple’s data error and refusal to produce most documents have already been highly prejudicial to the SEC,” the regulators said.
The SEC further claims that the messages Ripple has allegedly failed to provide to date collectively named the “Missing Documents”—are “necessary for the SEC to build a complete and accurate record for summary judgment and trial.”
According to the SEC, the Missing Documents amount to over one million messages. The regulators say it is an array of information it believes “eclipses” Ripple’s email output.
Court approves Binance document use in lawsuit
After Brad Garlinghouse submitted a request letter appealing to obtain Cayman Island’s Binance documents under the Hague Convention of 18 March 1970 on taking of evidence abroad in civil or commercial matters, the court approved the request last week.
The Binance document was classed relevant to the case. Ripple intends to use the document in its defense in the SEC vs Ripple lawsuit.
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