XRP Lawsuit: Ripple Files New Reply In Motion To Seal Documents
Highlights
- Ripple has filed a new brief in support of its motion to seal sensitive documents
- The firm believes its most contested financial info were sealed in confidence
- The Ripple versus SEC case remains locked at the remedies stage
Blockchain payments firm Ripple Labs Inc., through its lawyers, has submitted a new response to Judge Analisa Torres concerning the motion to seal documents in the ongoing lawsuit with SEC.
Ripple Lawsuit: Firms Wants To Guard Confidential Financial Information
The letter, dated May 29th, 2024 attempted to clear some of the arguments put forward by the United States Securities and Exchange Commission (SEC) in its previous motion for judgment and remedies. To begin with, Ripple noted that a couple of the arguments contained in the Commission’s brief were addressed in the company’s opening paper.
The SEC has mentioned that Ripple’s current financial condition is important to the court’s determination of remedies as to the firm’s historic conduct. On this subject, Ripple does not agree, citing that some of its financial situation is irrelevant to the court’s analysis.
Ripple stated that there was no reason to justify this argument brought forward by the SEC, especially as it has never argued about its capacity to offset any measured penalty. Furthermore, the crypto firm said the Commission should not be able to force out Ripple’s highly sensitive and confidential financial books by merely raising arguments with no basis.
Ripple also highlighted that the court could end up dismissing the sensitive financial information without even considering the supposed important facts allegedly contained in it. In the event that the SEC maintains that its arguments is plausible, Ripple says it has established a valid, commonly accepted basis for sealing its confidential financial information.
Ripple Argues Against SEC Stance on XRP Sales
Next, Ripple mentioned that the SEC incorrectly asserts that its historical contracts have no continuing relevance because the company has changed how it sells XRP.
In response, Ripple explained that the terms of its contracts are confidential. The popular crypto payments firm also argued that future counterparts could gain substantially from learning all of the individually negotiated terms of Ripple’s past contracts.
About selling XRP, Ripple recalled that the court already ruled that XRP is not security and as such, the amount Ripple sold XRP was not the same as the price at which the company sold the investment contracts that the court described in its summary judgement order.
With all its cards laid on the table, Ripple urged the court to grant its narrowly tailored request to seal the confidential information that was submitted.
Read More: Shibarium TVL Soars 17% Amid Expedited BONE Token Transfers To Ethereum
- U.S. Treasury To Ease Tax Rule on Unrealized Bitcoin Gains, Aiding Saylor’s Strategy
- Trump-Backed World Liberty (WLFI) Plans RWA Tokenization Paired with USD1 Stablecoin
- Stripe Eyes U.S. Banking Charter, Pioneers One-Click Stablecoin Issuance for Firms
- Breaking: Metaplanet Expands Treasury With 5,268 BTC Purchase, Climbs to 4th Largest Holder
- BREAKING: Nasdaq Files with US SEC to List BlackRock Bitcoin Premium Income ETF
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
- SUI Price Eyes $4.5 as Coinbase Futures Listing Sparks Market Optimism
- Chainlink Price Holds $20 Support Amid Tokenization With DTA Standard Progress – Is $47 Next?
- Analyst Predicts Dogecoin Price Surge as DOGE ETF AUM Hits $20M
- Ethereum Price Eyes $8,600 As Institutions And Whales Double Down
- Dogecoin Price Prediction – Chart Set-Up Highlights Perfect Buying Opportunity With Outflows Backing $0.45
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
