The latest development in the ongoing XRP lawsuit saw the US Securities Exchange Commission (SEC) file further responses to its letter motion compelling discovery of Ripple’s internal meetings’ audio-visual recordings. In the response letter, SEC noted that the plaintiff’s motion had been declared moot, the commission will not engage and thereafter shall not correct “various inaccuracies” in Ripple’s Opposition.
— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) September 10, 2021
Ripple had argued against SEC’s vague definition of “documents” that require recordings.
The SEC has argued against one of Ripple’s reasons mentioned in the opposition letter in lieu of seeking “sound recordings” since its January 2021 document request. The SEC asserted that ‘Sound recordings’ are listed under the definition of ‘documents’ by the Federal Rules of Civil Procedure 34. Ripple had opposed SEC, arguing against SEC’s vague definition of “documents,” with which the plaintiff accused the defendants of failing to discover data via meet and confer. Ripple had noted that the SEC definition of documents was “unreasonably broad” and resulted in a discovery process that is “burdensome and disproportionate.”
SEC objects to Ripple’s Motion to Seal documents of the defendant’s internal recordings.
“The parties’ ongoing dispute as to whether Ripple should search the recordings for those in which the same employees whose emails Ripple agreed to search for responsive documents are the relevant speakers,” the SEC stated. The US SEC has also filed an objection against Ripple’s Motion to Seal documents of the defendant’s internal recordings. However, this motion has already been granted by the court on “an interim basis.” The SEC has further argued that sealed documents are relevant to the judicial process and cannot be countervailed with the excuse of business or privacy interests’ disruption upon public disclosure.