Sunday, 09/05/2021 2:00 p.m. from BTC echo
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Symbolic coins of the cryptocurrencies Litecoin, Ethereum, Bitcoin and Ripple. pixabay.com
Point gain for the SEC: The Ripple case goes into the next round.
Ripple has to hand over internal Slack messages that have been withheld due to a data processing error to the court. According to according to the SEC (United States Securies and Exchange Commission) these are “relevant and appropriate”. The Commission comes to this decision after evaluating the messages it has already received.
Ripple and the importance of XPR
According to the SEC, the news already received shows
- Discussions about Ripple’s desire to enable speculative trading with XRP.
- XPR Price Effects of Announcements and Efforts by the Company on the XPR Cryptocurrency.
It is primarily about the connection with the overall business of Ripple with the central importance of XPR and especially its price.
- In addition, the regulatory status of XPR is said to have been discussed in the news.
Securities or not?
The regulatory status of XRP originally sparked the litigation. The SEC filed a lawsuit in December 2020 against Ripple. The accusation was: unauthorized trading in securities on a large scale. A court decision has not yet been made, as it is not clear whether XPR was actually a security (security token) in the past has or not. The Ripples defense line has made headlines recently. The XPRPrice has not really influenced that so far – it holds up well at 0.298 US dollars and is even 9.3 percent up on a weekly basis.
Slack messages as evidence
The Slack news, which is currently at issue, should now clarify whether – and if, from when – the crypto currency has mutated into a security. So far, the Slack messages have not been fully involved in the process because Ripple argued that reproducing these messages is market distorting.
The strength lies in the scales
Now the judge in charge of the case, Sarah Netburn, has decided:
Every [finanzielle] Burden for Ripple will [sowohl] through its prior agreements to produce the relevant Slack news [als auch] the relevant resources of the parties and the amount in dispute are outweighed.
Law360, September 02, 2021: SEC Wins Access To Ripple’s Internal Slack Messages
Translated, this means that Ripple has to reproduce the Slack messages and make them available for assessment – despite the costs of one million US dollars that the company would have to raise for the administrative act. It remains to be seen whether these communications can answer the question of whether XRP is a security token. However, if Ripple is guilty and has actually traded in illicit securities for seven years, it could face a fine of up to 1.3 Billions of US dollars will come to the company.
The Post Setback for Ripple: Internal Slack Messages Must Be Passed first appeared on BTC-ECHO.
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