Magistrate Judge orders Ripple to hand over internal records to the SEC

Magistrate Judge Sara Netburn ordered Ripple to hand over internal audio and video recordings to the U.S. Securities and Exchange Commission (SEC), according to attorney James Filan.

#XRPCommunity #SECGov v. #Ripple #XRP 1/6 Judge Netburn granted the SEC’s Motion to Compel Ripple to search for and turn over video and audio recordings of internal Ripple meetings. But the Order had limitations as described below. Judge Netburn ruled as follows:

— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) November 8, 2021

The order states that the company must comply with the requirement “without delay”. The parties are ordered to meet to discuss which information best answers the plaintiff’s requests.

“Ripple is ordered to conduct a reasonable search of the relevant video and audio recordings and to prepare the corresponding documents,” said Netburn.

3/6 technology used to transcribe voicemail messages) and the use of search terms. Accordingly, Ripple is ORDERED to conduct a reasonable search of the relevant video and audio-taped recordings and produce the responsive documents. Because Ripple represents that it has more than

— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) November 8, 2021

The recordings concern general meetings dating back to Q4 2014, meetings with SBI Holdings and others. Ripple and the Japanese financial conglomerate formed a partnership in 2016. Under the agreement they established a joint venture SBI Ripple Asia.

In late August the fintech company agreed to hand over to the regulator the requested data.

In October the Commission demanded audio and video recordings of meetings, in which the company’s CEO Brad Garlinghouse and its co-founder Chris Larsen, as well as other senior executives, discussed topics related to the suit. According to the SEC, the defendant used “an erroneous search methodology” of the recordings, excluding “highly compelling evidence.”

Earlier Netburn ordered the California-based company to provide the regulator with access to employees’ messages in Slack.

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

Later Garlinghouse said that Ethereum’s success was partly due to the Commission’s favorable stance. He considered it unfair that the SEC classifies XRP as a security but has no complaints about ETH.

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