XRP SETTLEMENT HAPPENED BEHIND CLOSED DOORS

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Since December 2020 when the lawsuit started, the San Francisco based payment company has managed to deny the allegation that Ripple sold its XRP token in an unregistered securities offering. Now in the long-running legal struggle between Ripple and the US Securities and Exchange Commission, a new twist has arisen and the SEC has secured a major win. Magistrate Judge Sarah Netburn decided in the agency's favour and ordered Ripple, the creator of the XRP cryptocurrency, to produce the recordings of its internal meetings.
After a lengthy back-and-forth between the parties, the SEC's motion to compel was granted as expected. In the November 8 order, Judge Netburn conceded to the SEC’s request and ordered Ripple to hand over audio and videotaped recordings of its internal meetings “without delay” to avoid the postponement of the discovery deadline.
Ripple and the SEC have been going back and forth over additional documents. In August, the Securities and Exchange Commission filed a motion to compel the San Francisco-based distributed ledger company to produce recordings. Ripple initially objected to the request, calling it "burdensome," but later agreed to seek for all relevant recordings later in September. However, in early October, Ripple asked the judge to dismiss the SEC's move because it was "plainly disproportionate."

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