Ripple has been instructed by a judge to provide full details of his employees’ messages on Slack messengers to the US Securities and Exchange Commission. The company claims that providing this information costs $ 1 million.
to the Report Coin Telegraph’s Sarah Netburn, Judge Ripple and the US Securities and Exchange Commission, has ordered Ripple to send 1 million messages to its Slack employees, which were denied in a previous report. US Securities and Exchange Commission.
Although Ripple claims that submitting all of the messages in Slack costs the company $ 1 million, the judge ruled that the messages were necessary and specific evidence to address the Ripple Exchange Commission’s complaint against the company. $ 1 billion accused of illegally selling XRP tokens in unregistered securities
In December 2020, the US Securities and Exchange Commission filed a lawsuit against Ripple and its executives, Christian Larsen and Brad Garlinghouse, accusing them of issuing XRP tokens, which the Securities and Exchange Commission believes Are considered, sold without registration.
According to Law360, the U.S. Securities and Exchange Commission filed its original request for Ripple in court on August 9 (August 18), claiming that the messages exchanged between the company’s employees “relate to the claims and defenses of both parties to the lawsuit. “It fits the requirements of the case.” The stock exchange commission also announced that Ripple must submit to the court, in addition to the messages contained in Slack, messages related to its 22 corporate emails.
The stock exchange commission told Judge Netburn last month that the file on Slack messages provided by Ripple appeared to be incomplete. Ripple initially denied the allegations, but later claimed that an error had occurred in the processing of the information, which eventually resulted in the company processing only a small portion of the relevant messages and missing more than 1 million messages.
The U.S. Securities and Exchange Commission responded by saying that Ripple’s failure to provide complete data on its employees’ messages at Slack was extremely damaging, and that the information the commission received from Ripple showed that other messages were also very important.
The stock exchange commission has said:
These messages include discussions about Ripple’s tendency to fluctuate in XRP trading, the impact of Ripple notifications and interventions on XRP pricing, as well as communication. [خود] The company is concerned with the central importance of XRP sales and the overall business of Ripple and the legal status of XRP tokens.
Ripple said the court ruling was unfair and irrational, given the $ 1 million in costs and the months it takes to prepare messages for the company’s employees. Judge Netburn said in response that the messages were far more important to the case than Ripple paid for them.
Judge Netburn said:
Ripple’s previous agreement to deliver the messages contained in the slack, the relationship between the sources of the two parties and the number of disputed messages, is more important than any liability imposed on Ripple.