• 30 May, 2024
News

Ripple Seeks to Seal Sensitive Documents in SEC Legal Clash: Report

Ripple Labs Inc. has recently taken a defensive legal stance by filing a motion to seal certain sensitive documents in its ongoing case against the U.S. Securities and Exchange Commission (SEC). The motion, submitted on May 13, targets documents crucial to the remedies phase of the litigation, asserting that public disclosure could gravely harm Ripple’s operational and competitive interests.

The request aims to protect comprehensive financial data, including earnings, revenues, and expenses. Additionally, Ripple has emphasized the necessity of withholding details of its strategic contractual agreements with third-party business associates. Although Ripple acknowledged the relevance of its discounts to institutional XRP buyers, it argued that the specific financial terms are too sensitive to be made public.

Moreover, the motion also includes an appeal to protect the identities of certain non-party financial institutions, customers, and employees. Ripple argued that disclosing these identities would compromise legitimate privacy interests and could be detrimental to the company’s business relationships.

James K. Filan, a seasoned defense lawyer, highlighted that the company’s legal team is keen on keeping these documents confidential to forestall any potential leverage competitors might gain. Jonathan Bilich, Ripple’s CFO, has supported this move in a filed declaration, indicating that the exposure of this information could lead to substantial financial losses, operational disruptions, and a decrease in market confidence.

The SEC, on its part, has indicated a conditional acceptance of some of Ripple’s requests, suggesting a possibility of partial opposition. This development adds another layer to the already complex legal battle between Ripple and the regulatory body.

As of press time, Ripple’s native token, XRP, has not reacted significantly to the fillings as it showcases a neutral market trend. As of press time, XRP is exchanging hands at $0.5060 with a mere gain of 0.20% in the past 24 hours amid the recent broad market downturn. XRP’s market cap and trading volume stands at $28 billion and $824 million, respectively.

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