- Ripple files motion to seal materials in SEC dispute to protect sensitive financial data.
- The motion targets redactions to financial statements and contractual agreements.
- SEC’s response pending; court to decide on sealing request by May 20, 2024.
Ripple, a San Francisco based cryptocurrency based company, has submitted an extensive application to seal several documents related to the SEC’s move for remedies and judgement. The motion, filed in the Southern District of New York (SDNY) US District Court, seeks to protect third-party privacy and confidential corporate information.
In its request, Ripple highlighted the importance of protecting its private information from public disclosure and asked for focused redactions to its financial statements. Notably, Ripple contends that since it is a privately owned company, its financial data should be protected as it has never been made public.
The business further claims that disclosing its financial accounts might seriously impair its operations by disclosing important information such long-term business goals and income sources. Concerns over Ripple’s contractual obligations to outside business partners are also raised in the motion.
Ripple highlights that documents pertaining to the financial conditions of these contracts, in particular the discounts provided to institutional XRP purchasers, must be kept confidential. Although Ripple concedes that these contracts are relevant to the SEC’s claims, it argues that the conditions related to pricing and finances are out of date given the present situation.
The SEC has not yet responded to Ripple’s move, and May 20, 2024 is the deadline for opposing filings. The court will next determine whether to approve or reject Ripple’s sealing request before rendering its ultimate ruling in the continuing legal action.Bill Morgan, an advocate of XRP, has expressed support for Ripple’s attempts to safeguard its private data.
Considering these events, the cryptocurrency industry is waiting for further information on the result of Ripple’s motion and its possible implications for the larger regulatory environment around cryptocurrencies. Stakeholders keep a close eye on the legal saga as it develops since they understand how important this case is to determining how cryptocurrency regulation develops in the future.
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