• 26 May, 2024
News

Ripple Files a Motion to Seal Some Summary Judgment Records

A new update about the Ripple-SEC lawsuit has been provided by Attorney James Filan. According to him, Ripple has reportedly submitted a motion to seal certain papers that were submitted in connection with the motions for summary judgment.

The issuer of XRP has submitted a request to have a small number of documents that reflect or are copies of Ripple’s audited financial statements or confidential internal financial reports and projections either sealed or narrowly redacted in order to protect their confidentiality.

These records and information are not available to the public, and their publication would be extremely detrimental to the company’s economic interests as well as its status in the competitive market.

Ripple further demands that any information regarding its secret business ties, such as the negotiated financial terms of its contractual agreements with certain third-party business partners, be kept hidden or redacted.

In addition, the company wishes to protect the identities of some nonparty entities, such as Ripple’s investors, customers, and business partners, whose concerns over their privacy should be given significant weight in the balancing equation performed by the court.

Following this, Ripple has requested that the e-mail addresses and other contact information for current and former employees, as well as other non-parties, that appear in the Summary Judgment Materials be redacted in a manner that is narrowly tailored.

With the Ripple vs. SEC litigation nearing its conclusion, XRP holders and the entire cryptocurrency community are crossing their fingers that Ripple will prevail. Both parties have recently requested that the deadline for filing Daubert motions be extended until January 13, 2023. Notably, the court denied the SEC’s request to redact the names and contact information of the consulting firms that supported their expert witnesses.

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