The constant back and forth between the US SEC and Onda Labs is set to continue for a while. The defendants have now responded to the SEC’s motion to compel the company to turn over audio and video recordings of its internal staff meetings.
According to a response submitted by the firm less than 12 hours ago, the SEC’s motion should be dismissed on the grounds that “there is no mature issue to discuss.”
The blockchain company stated that contrary to the SEC’s claim, it had started producing these recordings even before the SEC filed its motion to compel. He also added that they “expect Ripple production to be substantially complete before this motion is fully informed.”
This comes a week after the SEC. expressed their intention to file a motion to compel Ripple to produce audio and video recordings of meetings between current and former Ripple executives. The agency had accused Ripple of concealing the existence of such recordings until it was discovered during a deposition.
According to the blockchain firm, the SEC’s insistence on producing these recordings even after the discovery phase ended on August 31 is a more pressing matter.
The filling, shared By Attorney James K. Filan, Added,
“Rather than meet and confer on that remaining point, the SEC decided to burden this court with an ill-conceived motions practice regarding an issue that is not even ripe for adjudication.”
“As there are no pending applications for recordings currently in dispute, the Court should reject the SEC’s motion as moot and defer consideration of any future applications.”
In addition to said request, Ripple also dismissed many of the accusations the agency made against it. These claims were primarily associated with the exact time the recordings in question were first requested.
Additionally, prior to August, the SEC had only referred to “tape recordings” and “sound recordings” in its definition of “Documents.” The presentation added,
“Ripple objected to the SEC’s unreasonably broad definition of ‘Document’ as it is clearly onerous and disproportionate to have to search and collect dozens of different document types to respond to the 125 requests for proposals issued by the SEC to Ripple” .
The blockchain firm concluded the brief by accusing the SEC of knowing about the existence of the recordings long before the litigation, but choosing to act at the last minute.
This is a machine translation of our English version.