Ripple has filed a motion with the United States District Court for the Southern District of New York to seal certain materials related to the Securities and Exchange Commission’s (SEC) motion for judgment and potential remedies.
The motion, submitted on May 13, 2024, and shared on X by prominent attorney James K. Filan, outlines Ripple’s request for narrowly tailored redactions within the SEC’s remedies-related brief. Additionally, Ripple seeks to seal specific exhibits that contain highly confidential business information.
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Protecting Financial Privacy
A core aspect of Ripple’s motion centers on protecting the company’s financial privacy. The request emphasizes that as a private entity, Ripple has never publicly disclosed its audited financial statements. Ripple argues that Public exposure of this information would be detrimental to its ongoing operations. Ripple believes that revealing financial statements could give competitors valuable insights into Ripple’s financial health, revenue streams, and long-term strategic plans.
Ripple also highlights the court’s precedent of granting similar sealing requests during the lawsuit’s summary judgment phase. The company further emphasizes that the proposed redactions do not affect the core substance of the SEC’s remedies-related arguments.
Confidentiality in Business Relationships
Beyond its financial statements, Ripple’s motion also seeks to safeguard the confidentiality of its business relationships. This includes specific financial terms within contractual agreements established with various third-party partners.
Ripple’s request focuses on financial and pricing terms negotiated with past or existing counterparties. Notably, some of these redactions pertain to discounts offered to institutional buyers of XRP.
Ripple’s filing drew the attention of another prominent attorney, Bill Morgan, who recently predicted when XRP could hit a new all-time high. Morgan summarized the filing, pointing out its key issue, which is the firm’s desire to seal the discounts offered to institutional investors.
While acknowledging the SEC’s potential interest in these contracts and discounts for their remedies arguments, Ripple maintains that the specific financial and pricing details are not directly relevant to the case. Moreover, it argues that sealing this information would have minimal impact on the court’s decisions concerning judgment and potential remedies.
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What’s Next for the XRP Lawsuit?
Ripple’s motion to seal specific documents has ignited further debate within the ongoing legal battle with the SEC. The SEC has until May 20, 2024, to file its opposition to Ripple’s motion. Following the SEC’s response, the court will rule on whether to grant or deny Ripple’s request.
The decision will be crucial in determining the extent to which Ripple can shield its financial details and business relationships, and it could affect institutional relationships.
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