Ripple Blasts SEC For ‘Unprecedented’ Ask In Latest Response
After the SEC’s appeal to seal its response to amici motion related to Daubert challenge, Ripple responded sharply`. Addressing Judge Torres of the Southern District Court of New York, the Ripple team said that facts do not support SEC’s claims. The factual record in the pending SEC request does not support the extraordinary relief, Ripple said.
SEC’s Request To Seal Information On Experts
After requesting to seal information about Expert 1, the SEC has also informed that the sealing should be extended to three other experts. Not only does the commission wants their names and associated information undisclosed, it also wants any motion of the substance of their reports hidden. This is until the motion around first expert is resolved.
Ripple stated that the point of Daubert motion is to question the reliability and admissibility of an expert report. The SEC’s request effectively means that the entire motion for the four experts have to be filed and kept sealed. Ripple criticized the SEC’s moves as opposing the public right to have access to substantive materials.
“The SEC’s attempt to suppress criticisms of its expert opinions is particularly egregious. Given that none of the SEC’s expert reports is likely to contain SEC confidential information. The only confidential information is internal information about Ripple itself and third parties.”
‘SEC’s Unprecedented & Unsupported Attempts’
The Ripple team described the Securities and Exchange Commission’s actions as ‘unprecedented’ and ‘unsupported’. The commission’s attempts to shield identities and opinions from public scrutiny are not backed by any evidence, Ripple explained. Last month, the SEC briefed the court over leaving to file an amicus reply, to which Ripple demanded that the reply be made public.
The court, however, ordered the SEC to make its case as to why the records need to be sealed. To justify its position on sealing, the court asked SEC to make its point by June 14 without further delay.
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