Thursday, February 25, 2021

Ripple Could Be Compelled By Court to Produce Its Email Communications with SEC

In a recently filed motion, the lead plaintiff in the lawsuit against Ripple, Bradley Sostack, is asking the court to compel the blockchain payment firm to produce its e-mail communications with the United States Securities and Exchange Commission (SEC) and its documents starting from 1st January 2015.

Also, Sostack wants Ripple to remove redactions from Ripple’s documents except those that were redacted for the privilege. According to the plaintiff, the defendant’s privilege claims should be explicit and specific.

Read Also: Ripple Slammed With another Lawsuit over Securities Violation

Ripple’s refusal to provide a log for its privileged redactions is described as “pure gamesmanship” since they are required to explicitly describe the nature of redacted parts under federal law.

The plaintiff stated further that all improper redactions that are related to privacy, confidentiality, among others, should be removed. Regarding this motion, a court hearing has been slated for 25th March 2021.

Ripple’s settlement Talks with the SEC  

Prior to front-running the announcement of the SEC’s lawsuit in late December, Ripple unsuccessfully tried to settle with the regulator, according to CEO Brad Garlinghouse.

While Ripple states that its settlement communications with the SEC are irrelevant, Sostack is asking the judge to force the company to produce them.

Read Also: XRP Will Become “Remnant of History” by the End of the Year –Arca Co-Founder and Securities Lawyer

The motion states that the e-mails between the SEC and Ripple are important because they deal with the same issue that is it at the heart of Sostack’s class-action lawsuit that deems XRP as a security.

Bradley Sostack took Ripple to court back in May 2018 on behalf of other retail XRP investors, accusing the company of illegally offering the unregistered token.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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