As a researcher with experience in the blockchain and cryptocurrency industry, I have closely followed the ongoing lawsuit between Ripple Labs Inc. and the SEC. In my opinion, Ripple’s latest response to Judge Torres regarding the motion to seal documents is a necessary step to protect the firm’s confidential financial information.
As a crypto investor following the developments between Ripple Labs Inc. and the SEC closely, I can tell you that Ripple’s legal team has recently filed a fresh response regarding the sealed documents in our ongoing lawsuit. They submitted this submission to Judge Analisa Torres through proper channels.
Ripple Lawsuit: Firms Wants To Guard Confidential Financial Information
As a crypto investor reading through the legal back-and-forth between Ripple and the SEC, I can tell you that on May 29, 2024, Ripple’s response letter addressed some points made by the SEC in their earlier motion for judgment and remedies. Specifically, Ripple pointed out that they had already discussed a few of the SEC’s arguments in their initial filing.
The SEC has stressed that Ripple’s present financial status is significant for the court in deciding on remedies related to the company’s past actions. However, Ripple disagrees, arguing that certain aspects of its current financial situation are not relevant to the court’s assessment.
Ripple contested the SEC’s argument, pointing out that there was no valid reason supporting it. Notably, the company has never been challenged on its ability to mitigate any penalties. Moreover, Ripple maintained that the SEC lacked the authority to demand access to its confidential financial records based on unsubstantiated allegations.
Ripple pointed out that if the court chooses to disregard the financial data without examining its purported significant contents, the SEC’s case might still be considered viable. However, Ripple asserts that it has provided a legitimate reason for concealing this confidential financial information based on established norms.
Ripple Argues Against SEC Stance on XRP Sales
Subsequently, Ripple argued against the SEC’s claim that their historic contracts are no longer applicable due to changes in XRP sales methods.
Ripple responded by stating that the specifics of their past contractual agreements are kept private. Moreover, they emphasized that potential future business partners might benefit significantly if they remained unaware of the unique terms in Ripple’s previous contracts.
As a crypto investor, I’d like to clarify that when it comes to selling XRP, it’s important to remember that a court ruling declared XRP is not classified as a security. Consequently, the value Ripple received for selling XRP is distinct from the price tag attached to the investment contracts mentioned in the summary judgement order.
I myself, along with Ripple, have made all our relevant information openly available. However, we kindly ask the court to grant our specific application for sealing the confidential data that we have submitted.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- TAO PREDICTION. TAO cryptocurrency
- Upbit & Other South Korean Exchanges Suffer With New Crypto Law In Effect
- Profit from the Dip: Hong Kong To Debut Asia’s First Inverse Bitcoin ETF — Here’s When
- BOOK OF MEME Price Recovery to Extend 20% Before Facing Major Resistance
- US Govt Dumps $4M In Bitcoin Again, Another BTC Selloff Ahead?
2024-05-30 00:47