In an escalating battle over discovery, the U.S. Securities and Exchange Commission is now seeking video and audio recordings of Ripple’s company meetings to bolster the agency’s case that the XRP is a security in violation of the law, according to a new legal filing.
“The recordings may reveal efforts Ripple took to increase or maintain XRP’s price or to create expectations of profits in potential XRP purchasers, both of which are relevant… to prove whether XRP was offered and sold as a security,” SEC attorney Pascale Guerrier wrote in a letter to U.S. Magistrate Judge Sarah Netburn. “The recordings may contain statements that may be admissions by Ripple or the individual Defendants. The recordings are critical to the core issue in this case.”
The SEC is asking to review Ripple’s all-hands meetings such as its XRP markets, engineering, SBI town halls, and quarterly business reviews.