Ripple and the SEC have finally reached a late agreement regarding audio recordings of the company’s meetings. The SEC requested Ripple’s internal records, and the company, which has XRP as its native token, agreed, although it took a little while to come to this mutual agreement.
The scope of the production process will include various categories of meetings, starting with the fourth quarter of 2014, SBI town halls, chats, and so forth. The SEC will also be receiving access to specific town hall records, during which Ripple employees discussed the investigation (December 22, 2020), the company’s prospects in light of a declining XRP price (February 26, 2018), and the centralization of cryptocurrencies (March 30, 2020).
The SEC also filed a motion to constrain the turnover of video and audio recordings recorded at the August 31 Ripple meetings. The agency claimed that the defendants never informed her that such material existed:
Given that Ripple has not produced a single recording to date, Ripple should not be permitted to condition its compliance with its discovery obligations on the SEC’s forbearance of the right to seek documents that the SEC does not yet know of through no fault of its own.”
Ripple opinion on the case
Ripple’s lawyers also did their homework. So, in their opposition letter, they argued that the SEC’s application for registrations had been “delayed”, stating that the applicant had been notified of their existence even before the litigation had begun and that they waited until early August to request them in a “specific” matter. The Ripple team also said that the SEC’s request for gaining access to all existing recordings of the company’s meetings over eight years was “unduly burdensome.”
The SEC’s motion was rejected because it is no longer relevant after Ripple and SEC have reached an agreement without the court’s involvement. The complainant states that he will not highlight “various inaccuracies” in the response received from the company. Although, it was firmly pointed out that they have “expressly searched” for the recordings since January.
Now the two parties are set to meet and discuss how things will be unfolding from now on. There is an ongoing dispute over relevant records as to whether or not Ripple should look for records that feature certain employees considered relevant speakers.
In early September, the SEC gained access to Ripple’s internal Slack messages. The regulator said that the communications of the company’s employees on the popular business communication platform would probably contain “critical” and “unique” evidence relevant to the case.
The simple fact that the cryptocurrency company that owns XRP has finally reached this agreement is excellent news. There have been lots of speculations about the company’s legitimacy and transparency, but now things finally seem to be unfolding in the right direction for Ripple.
XRP also managed to beat Solana (SOL) and reach the sixth position by market cap. On September 7rd of 2021, Ripple’s cryptocurrency managed to get a market cap exceeding more than $70 billion, surpassing their “competitors”.