Ripple to hand over internal audio and video recordings to the SEC

The fintech company Ripple will provide the U.S. Securities and Exchange Commission (SEC) with internal audio and video recordings. U.Today reports.

On August 31, the regulator filed the corresponding motion.

#XRPCommunity #SECGov v. #Ripple #XRP The SEC has filed a Motion to Compel Ripple to produce video and audio recordings of Ripple staff meetings it claims to have learned about from a «key former Ripple employee» in a deposition taken earlier this month.https://t.co/3Lfv1UrgZz

— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) August 31, 2021

The recordings concern general meetings dating back to the fourth quarter of 2014, meetings with SBI Holdings and others. Ripple and the Japanese financial conglomerate formed a partnership in 2016. As part of the agreement they created a joint venture SBI Ripple Asia.

In December 2020, SBI Holdings stated that the SEC’s case will not affect the status of the XRP token in Japan.

According to the report, the mass of records also includes discussions by Ripple employees of the SEC investigation (December 22, 2020), the company’s prospects in light of the XRP price decline (February 26, 2018) and the centralisation of cryptocurrencies (March 30, 2020).

The exact scope of the documents will be discussed at the meeting.

At the beginning of September 2021, the federal judge Sarah Netburn ordered the California company to provide the regulator with access to employees’ messages in Slack.

Earlier, the court ruled in Ripple’s favor on the SEC document disclosure matter. The regulator was ordered to file them with a minimal number of redactions.

In late August the fintech company to provide information about operations of its employees with Bitcoin, Ethereum and XRP, and also requested documents from the cryptocurrency exchange Binance.

On September 9, attorney Jeremy Hogan drew attention to the SEC clarification. According to the filings, prior to the court action the regulator had publicly not labeled XRP a security.

Well, that is officially/legally ADMITTED. pic.twitter.com/8v0sz27D7o

— Jeremy Hogan (@attorneyjeremy1) September 9, 2021

“The Commission acknowledges that before the case was filed certain third parties were interested in the legal status of XRP. However, in response, the Commission did not express its opinion one way or the other,” the document states.

In December 2020, the SEC accused Ripple and its executives of unregistered sale of securities under the guise of XRP tokens worth $1.3 billion. Later the regulator amended the complaint, focusing on the actions of Brad Garlinghouse and Chris Larsen.

In July 2021 the company secured a subpoena of the former director of the SEC’s Division of Corporate Finance, William Hinman. During the hearing he stated that he had warned Ripple about the risk of XRP being deemed a security.

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