- In the ongoing SEC lawsuit, Ripple files a motion to seal documents, protecting sensitive financial information.
- Ripple seeks to redact specific financial terms negotiated with third-party partners.
- Both parties have been ordered to reconsider sealing parts of their briefs by July 8, 2024.
As the protracted legal battle between Ripple and the SEC continues, the latest development involves a motion to seal specific documents. Ripple has requested that some materials filed in connection with the SEC’s motion for judgment and remedies be kept confidential
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The Motion to Seal and Redactions
Ripple has filed a motion to seal specific documents related to the ongoing lawsuit. These documents contain sensitive information, including the company’s negotiated financial terms with third-party business partners.
The court document, addressed to Judge Analisa Torres, seeks to redact or seal this confidential data. Ripple’s proposed redactions are narrowly focused, targeting only specific financial and pricing terms negotiated between Ripple and its counterparties.
Interestingly, the court has previously granted similar redactions in connection with other motions in the case. Jonathan Bilich, Ripple’s chief financial officer, has submitted a declaration supporting the motion to seal.
Bilich emphasizes that Ripple is a private company and takes significant measures to safeguard its sensitive and proprietary business information. Public disclosure of these details could harm Ripple’s relationships with customers and other business partners.
Bill Morgan, a commentator on the case, explains that Ripple’s legal team aims to protect commercially sensitive information. This includes discounts offered to institutional buyers of XRP.
Revised Motions
It seems both Ripple and the SEC have been ordered to reconsider their motions to seal parts of their briefs. They have until July 8, 2024, to file revised motions specifically addressing the sealing of exhibits.
The battle between Ripple and the SEC continues to unfold, with confidentiality concerns taking center stage. As the legal drama plays out, the crypto community eagerly awaits further developments in this high-stakes case.
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