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Ripple Requests to Authenticate 7 Videos of SEC’s Officials’ Public Remarks, SEC Refuses to Consent

08/04/2022
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Ripple is asking the court for permission to serve two video-sharing platforms subpoenas to download seven videos of SEC officials’ public remarks. 

Ripple has requested permission from Judge Sarah Netburn to serve two non-parties subpoenas to authenticate seven copies of video recordings of SEC officials’ public remarks regarding previous Requests for Admissions (RFAs). 

According to Ripple, the Securities and Exchange Commission has refused to consent to the request. 

Court’s Order Regarding the Development

It can be recalled that, on July 19, 2022, the court ordered that the parties meet and confer about RFAs, asking the SEC to authenticate seven video recordings of its officials’ public remarks. 

Ripple cited an excerpt of the court’s order: “such agreement might entail creating downloaded versions of the remarks for authentication and preservation.”  

Following the court’s directive, the parties met and conferred on July 27, 2022. Despite initially accepting that it will authenticate the remarks once it has access to the video recordings, the SEC is stopping Ripple from downloading the video content from the platforms where they are hosted. 

SEC Is Yet to Consent to Ripple’s Request

Per Ripple, the videos are hosted on two video-sharing platforms. The seven video recordings are subjected to the platform’s terms of service, which include preventing unauthorized persons from downloading content without prior consent. 

Based on this, Defendants, including Ripple, Brad Garlinghouse, and Chris Larsen, sought consent from the video-sharing platforms. In response to the request, the platforms requested that Ripple serve subpoenas before it is granted permission to download the videos.  

As part of efforts to ensure the parties authenticate the seven videos, Defendants sought permission to serve subpoenas on both video platforms. 

According to Ripple, the movement’s purpose is to obtain the videos without violating the video-sharing platforms’ terms of service.  

Once the subpoena request is approved, the blockchain company intends to provide the videos to the Securities and Exchange Commission for authentication. 

However, the SEC is yet to consent to Ripple’s request. 

“Specifically, the SEC has communicated to defendants that it would consent only if defendants agree to reopen discovery so that the SEC could now serve its own set of subpoenas to obtain copies of unspecified video recordings in support of its claims and only if defendants further agree to waive any authenticity and procedural objections to the unknown SEC videos,” Ripple added. 

Ripple Objects to Any Attempt to Reopen Discovery

The blockchain company describes the SEC’s conditions as “wholly improper” because the commission did not serve any authenticity RFAs during discovery, adding that it strongly objects to any attempt made by the commission to reopen discovery. 

For clarity, Ripple noted that the two subpoenas it seeks to serve on the video-sharing platform are not a move to reopen discovery and do not pose an issue to the court’s timeline. 

“[The subpoenas] relate to RFAs Defendants served before the end of fact discovery on August 31, 2021, and are needed to effectuate the order,” Ripple concluded. 

Meanwhile, SEC’s refusal to consent to Ripple’s subpoena request prompted reactions from attorney Jeremy Hogan, a Partner at Hogan & Hogan law firm, who said: 

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Source: https://thecryptobasic.com/2022/08/04/ripple-requests-to-authenticate-7-videos-of-secs-officials-public-remarks-sec-refuses-to-consent/?utm_source=rss&utm_medium=rss&utm_campaign=ripple-requests-to-authenticate-7-videos-of-secs-officials-public-remarks-sec-refuses-to-consent