The Securities and Exchange Commission (SEC) are on Ripple’s necks, and this time they didn’t come empty-handed.
Don’t get too excited, they carried on Candies, it’s not Christmas, yet. The giant financial agency has filed a motion in court to allow them to retrieve terabytes of data of slack messages of conversations between Ripple employees.
This move comes after it discovered that there was an alleged violation made by one or more people working at Ripple Labs Inc., which might be linked back to securities law violations as well as breaches involving insider trading via use live market prices before.
According to SEC, the messages on Ripple’s chat app Slack are critical evidence in its case against the company. The regulator filed a motion for a court order so that it can access all of these terabytes worth of data from employees and see what really happened behind closed doors at one point leading up to the launch date.
The SEC is in a rush to get Judge Netbrun of the Southern District Court to grant them an emergency order. The motion was filed on Monday, and it’s unclear what prompted this sudden urgency given that they’ve had plenty of time already. What are we going to find out?
The blockchain firm Ripple has a deadline set for August 16th to reply back to the SEC, but this week they requested an extension. They have already handed over some of their internal communications and agreed earlier on handing over Slack messages from employees, so it was surprising when they suddenly refused these requests as well.
The SEC has filed a motion with the court, claiming that Ripple is now refusing to produce data. In their legal filing, they allege that this refusal stems from mistakes in gathering said data on behalf of Ripple and its affiliates.
Loads of Data
This is troubling news for those that have been relying on their data; it’s possible that they may not be able to do anything about what happened with their sensitive information because only a small fraction of messages were given over in time.
The rest are still sitting there, waiting to see if something will happen or not so we can use them as evidence against someone like yourself who might need some help moving forward in life themselves!
In a recent motion, Ripple is refusing to search the full set of Slack messages for any custodians other than those they agreed upon with the plaintiffs.
The Securities and Exchange Commission (SEC) is not happy with how their investigation into ripple turned out. The commission claims that they have “already been highly prejudicial” but did provide any more information as a result of what it considers an ongoing matter.
The Securities and Exchange Commission (SEC) had earlier sought access to all legal communications between Ripple Labs executives regarding their company as well as personal financial records for employees over several years ago. But those motions were denied by the court, citing that they lacked specificity with regard to what exactly was being investigated when it was said “It’s not clear precisely what this agency is looking for.”
Meanwhile, Ripple, in an attempt to get more clarity about what SEC defines as digital assets and when they can be classified under securities law saw its request approved earlier this week.
Ripple says that it wants “to better understand the policy-making process” at these entities with regards to crypto regulation so that their own product offerings will not violate any guidelines or regulations set forth by them which could lead Ripple into legal hot water right now.