Ripple had a rocky start to this year. While all the other crypto platforms were reaping the benefits of the market’s growth, this platform was seen dealing with a lawsuit imposed by a regulator from the US. As Ripple continues to deal with this case, the Securities and Exchange Commission [SEC] was seen trying to persist in the case’s discovery phase.
Ripple was slapped with a lawsuit by the SEC right towards the end of 202. While the world was just recovering from the wrath of the COVID-19 virus, this crypto platform was accused of selling “unregistered securities” [XRP]. The firm did its part and tried to settle with the SEC. However, the latter wasn’t ready to budge. Therefore, the case took various turns, ever since.
In more recent news, the SEC was seen trying to garner access to more than one million Slack messages. Ripple hit back and condemned this move in a recent letter to Judge Sarah Netburn.
Ripple vs. SEC case
In the letter, the lawyers representing the platform noted that SEC’s plea for the exorbitant amount of Slack messages was nothing but “burdensome” as well as “highly disproportionate.” While the discovery phase of the case would end by 15 October 2021, the SEC’s latest plea could prolong this phase.
The letter further read,
“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. […] Such a demand would have been overly burdensome even at the start of discovery and Ripple would have objected to it at that time had it fully understood the scope of the Slacks that would need to be searched. But it is now also disproportionate in light of the massive amounts of discovery already produced.”
Additionally, the platform noted the documents that were demanded weren’t relevant or critical to the case.