In the latest Ripple news, lawyers of the fintech firm have opposed the SEC’s motion to compel Ripple to deliver relevant Slack communications.
August 17, 2021, | AtoZ Markets – Ripple’s XRP, which ranks sixth among the best cryptocurrencies by market value, has climbed from $0.81 to $1.33 in the last week after the latest uptrend. XRP, which declined after the resistance it faced here, is currently trading at $1.21.
While these developments were taking place in the market, the final hearing in the US Securities and Exchange Commission (SEC) lawsuit, which started in December last year, took place yesterday (August 16).
Lawyers of the fintech company opposed the SEC’s motion to compel Ripple to provide Slack business communications.
Ripple opposed to SEC’s Slack communications motion
As AtoZMarkets reported last week, the SEC requested Judge Sarah Netbrun to order Ripple to produce and submit its employee messaging on the business communication platform Slack. At the hearing held yesterday, Ripple’s lawyers evaluated this request as “troublesome and highly disproportionate”.
According to the SEC, there are over 1 million messages comprising “terabytes of data” and eclipsing Ripple’s large email productions, which corroborates testimony that Ripple employees communicated at least as often by Slack as by email.
Ripple’s lawyers demanded that the SEC’s request be rejected by the court, stating that this request would greatly extend the duration of the lawsuit.
Ripple’s lawyers try to show that this request is onerous and costly by citing examples from different courts that have previously been filed and where Slack correspondence requests have been turned down.
SEC lawyers hope the Slack records will remind witnesses of that era. The SEC states that it made such a request after some witnesses who were interviewed stated that they did not remember the events of the period. It is hoped that this correspondence will remind the witnesses of critical facts of the period. The court had previously accepted the SEC’s request to extend the testimony and gave SEC lawyers until October 15 to collect evidence.
Ripple Continues to Work for NFT and CBDC Technology
In addition to the SEC case, Ripple is closely following the developments in blockchain technology. First, the company is trying to move NFTs produced on the Ethereum network and used by many sectors for different purposes in a short time to the RippleNet network. Ripple is also investing in the Ethereum-linked Mintable platform. In an article shared on its official blog, the company stated that it will devote more time to NFT technology in the coming period:
“We believe this is just the beginning for NFTs. To further empower entrepreneurs looking to use NFTs, we have partnered with Mintable, an NFT marketplace that allows users to seamlessly create, buy and sell digital items using fiat or cryptocurrencies.
With its native decentralized exchanges (DEX), low transaction fees, fast transaction times and carbon neutral footprint, XRP Ledger (XRPL) is ideal for providing a seamless experience for NFTs. Together with Mintable, we believe NFTs will enable new business models for content creators and new and better experiences for consumers.”
Ripple Brings XRP to Asian Payment Corridors
Ripple has been taking steps to strengthen its relations with the Asian continent lately. The company enables millions of customers to use RippleNet, especially thanks to the payment corridors it has created in Japan, Singapore, and the Philippines.
In this context, it regularly carries some of the XRPs it prints into these corridors.
According to Whale Alert, which reports massive transfers in the cryptocurrency market, 60 million XRP has been swapped in just two transactions in the last twenty-four hours. One of these transactions took place between two popular cryptocurrency exchanges. In this transaction, 50 million XRP was moved from the Binance exchange to the Huobi exchange. In another massive transfer that took place during the day, Ripple partnered with Coins.ph in the payment corridor it created in the Philippines. sent 10 million XRP to his company.
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