Ripple ordered to submit internal company records to SEC

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Justice of the Peace Sarah Netburn ordered Ripple to transfer internal audio and video recordings to the US Securities and Exchange Commission (SEC). This was announced by attorney James Filan.

The ruling states that the company must comply with the requirement “without delay.” The parties are ordered to meet to discuss which information best suits the requirements of the plaintiff.

“Ripple has been ordered to conduct a reasonable search for relevant video and audio recordings and prepare relevant documents,” Netburn said.

We are talking about recordings from general meetings starting from the fourth quarter of 2014, meetings with SBI Holdings and a friend. Ripple and a Japanese financial conglomerate entered into a partnership in 2016. As part of the agreement, they created a joint venture SBI Ripple Asia.

At the end of August, the fintech company agreed to transfer the requested data to the regulator.

In October, the Commission demanded audio and video recordings of meetings at which the firm’s CEO Brad Garlinghouse and co-founder Chris Larsen, and other senior officials, discussed topics related to the lawsuit. According to the SEC, the defendant used a “flawed search methodology” for the records, excluding “highly persuasive evidence.”

Earlier Netburn obliged the Californian company to transfer to the regulator access to messages of employees in the Slack messenger.

In October, Ripple Europe Managing Director Sandy Young and Gemini UK head Blair Holliday criticized the SEC’s approach to regulating the crypto industry.

Garlinghouse later stated that Ethereum’s success was due in part to the favorable attitude from the Commission. He considered it unfair for the SEC to classify XRP as a security but has no claims against ETH.

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