SEC Requests Limited Access to Ripple Employees' Slack Correspondence
Main page News, XRP, Regulations, Cryptocurrency
Hot topic
Aug. 10, 2021

The US Securities and Exchange Commission (SEC) has asked a court to provide it with access to Ripple employees' correspondence on the messaging service Slack, according to attorney James Filan.

The regulator claims the company's employees communicated on Slack as frequently as they did via e-mail. As a result, Ripple must provide the SEC with "well over 1,000,000 messages, comprising terabytes of data."

The petition notes that at the beginning of the trial, the defendants agreed to turn over this information to the SEC, but transmitted a total of 1,468 messages. The latter, according to the SEC, contained "critical and unique" data.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

The messages include information about Ripple's desire to "create speculative trading of XRP," the company's concerns regarding the price of XRP, the impact of cryptocurrency sales on its business and the regulatory status of the token. The document states:

"One month later on July 30, 2021, after repeatedly contending that its Slack production was complete, Ripple admitted that, due to a data processing mistake, Ripple had only collected a small fraction of Slack messages and that a massive quantity of [Slack] data."

According to the SEC, the correspondence received will help "refresh" the memory of witnesses who were unable to answer many questions during their testimony.

According to attorney Jeremy Hogan, the SEC made a request to prove that XRP is a security. He noted that the regulator "has had some success with this argument in the past."

The SEC's request states that Ripple must provide a response by August 12. The company has sent a request to postpone the deadline to August 16.

Read also:
Please describe the error