As a long-term crypto investor with experience in following the developments of various blockchain projects, I’m closely watching the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC). The latest motion from Ripple to seal certain documents and redact sensitive information from their Remedies Materials has caught my attention.
On May 13, 2019, blockchain company Ripple made a fresh application to conceal specific documents connected to the US Securities and Exchange Commission’s (SEC) application for penalties and judgement. Ripple is pushing for redactions in the SEC’s submission while also asking for the confidential exhibits to be kept under wraps due to their highly sensitive nature.
Ripple argued that their restricted number of data-sealing requests are justified for safeguarding confidential business data and respecting privacy rights.
Ripple Requests to Seal Remedies Material
In the documentation it submitted, Ripple disclosed that its Remedies Materials encompass confidential details like its audited financial reports and documents, in addition to information pertaining to its current business deals.
The redactions in question apply solely to sensitive information that, if made public, could potentially harm Ripple. It is noted that the proposed redactions would have little impact on the court’s decision-making process regarding the motion for Judgement and Remedies.
As a researcher studying the ongoing legal dispute between Ripple and the SEC, I can share that while Ripple has had some success with certain requests, there have been objections from the SEC on other matters. In their court filing, Ripple asserts that the SEC hasn’t contested its request to keep certain information confidential. They argue that the court should grant this request based on the same justifications they presented when seeking redactions and sealing in the Summary Judgment.
Recently, Ripple’s CFO, Jonathan Bilich, underscored the importance of protecting Ripple’s valuable and exclusive business information. He emphasized that as a private company, Ripple puts significant resources into keeping its data concealed.
According to Bilich, the data that Ripple intends to conceal holds great significance as it involves sensitive and confidential business information that is proprietary in nature. Exposing such information to the public could potentially damage Ripple’s connections with customers and other industry players, and negatively impact its reputation within the competitive marketplace.
@Ripple CFO Jonathan Bilich has filed a Declaration in Support of @Ripple’s Motion to Seal.
— James K. Filan (@FilanLaw) May 14, 2024
In response to recent happenings, attorney Bill Morgan representing Ripple expressed his intention for sealing the discounts granted to large-scale XRP purchasers by the company.
XRP Price Jumps
XRP, the native cryptocurrency of Ripple, has experienced a 3% growth over the past 24 hours, reaching a value above $0.50 again. The ongoing legal battle between the SEC and Ripple has hindered any significant price surge for XRP. However, as the court case approaches its end, analysts predict that the XRP price could potentially soar to $1 or even surpass that level.
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2024-05-14 08:02