Ripple vs SEC: Ripple Criticizes the SEC for Requesting 1 Million Slack Messages

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Ripple vs SEC: Ripple Criticizes the SEC for Requesting 1 Million Slack Messages
Ripple vs SEC: Ripple Criticizes the SEC for Requesting 1 Million Slack Messages

In a letter to judge Sarah Netburn, the lawyer representing Ripple stated that the SEC’s request for more than 1 million Slack messages was overwhelming and highly disproportionate.

Ripple Insist the SEC Motion Should Be Denied

Hence, they believe the SEC’s application should be denied. Ripple noted that several other courts have denied similar requests for investigation:

“Other courts that have considered similar discovery requests for Slack data have ruled that Slack discovery is uniquely burdensome and costly and have ruled against motions to compel their production in cases where the moving party has already obtained significant discovery.”

As reported by Fxcryptonews, the SEC claims the missing Slack news is related to this case as it will help refresh the witness’s memory that he was unable to recall the key facts of the most recent testimony.

However, Ripple claims that these files are “neither important nor uniquely relevant”.

The defendant also mentioned that the company’s Slack message response rate was low as Ripple only generated 1,468 Slack files out of the 115,000 files it originally reviewed.

Slack Messages Can Extend the Discovery Phase

In June, the court approved the SEC’s motion to extend the pre-trial investigation period to October 15.

Ripple warned that forcing additional Slack data will further change the current planning order.

The company’s e-discovery provider estimates it will take up to 15 weeks to get just the message. In addition, Ripple needs to check it out too.

Due to a “bug” discovered in late July, the e-discovery provider was initially unable to collect direct messages and multi-party instant messages, but the company claimed to have immediately started collecting the required data.

XRP Price Decline in the Past 24 Hours

As the cryptocurrency market fell after a general surge over the weekend, Ripple’s XRP token has fallen 9% in the past 24 hours.

At the time of writing at 9 a.m (GMT+1), the price of XRP is $1.19. However, it didn’t recover to its symbolic valuation of $1 until Friday morning and was still up 46% from the price 7 days ago due to the sharp surge over the weekend.

The total value of the cryptocurrency market is now $1.99 trillion, and nearly 11,300 coins are down about 2.3% in the past 24 hours.