The ongoing tussle between SEC and Ripple witnessed a new development when Ripple Labs filed a motion to compel the Securities and Exchange Commission to turn over internal documents entailing cryptocurrencies XRP, BTC, and ETH.
Despite Judge Netburn’s insistence to turn over the records twice already, the SEC hasn’t delivered a single document yet. “Despite repeated instructions, the SEC persists in refusing to search an obvious repository for responsive evidence on external communications”, the defendant said.
Just a few days ago, the court had categorically denied the SEC’s motion to compel Ripple to produce memos discussing XRP sales with the company’s lawyers.
Ripple’s motion asks the court to order the SEC to produce its trading policies related to virtual currencies and digital assets and produce documents pertaining to XRP, Bitcoin, Ether from the SEC’s FinHub electronic mailbox until June 18, 2021.
“The Court has ordered the SEC to “search relevant repositories for documents and discovery” pertaining to communications between the SEC and external third parties relating to XRP, Bitcoin or Ether. After the SEC’s refusal, the Court reaffirmed that “the SEC must produce communications with third-parties, including market participants and external agencies.”
With SEC’s most recent request to the court regarding extending the deadlines for both fact and expert discovery by 60 days, it appears that the SEC is looking to stall the case, Ripple argued.
The motion further stated that “the SEC cites its own delay as a reason for extending the schedule. The only way out through this impasse is with a strict deadline.”
However, the SEC does admit in its request to extend the deadlines that the “defendants do not consent to the SEC’s request because they are of the view that the SEC had sufficient time to investigate this matter before filing suit and because Ripple wants to quickly move for summary judgment.”
In addition to this recent SEC request, Ripple Labs and SEC have also filed a joint motion to extend the time until June 9, 2021 for discussing document redactions and sealing of certain exhibits “to avoid burdening the Court with unnecessary disputes”.