Ripple Opposes SEC’s Backer Redactions; Will Watchdog Reply?

Defendants in the XRP lawsuit, Ripple labs, Brad Garlinghouse and Chris Larsen on Wednesday filed a letter opposing the request of the US SEC’s supporter. This development comes as the much awaited Summary Judgment closes in.

Ripple wants details to be out publically

The latest court filings reveal that the defendants are opposing the letter motion by the “Investment Banker Declarant”. The declarant is seeking to redact his declaration in order to hide his details from public view in the XRP lawsuit. These details include his name, positions and info about his employer.

Ripple mentioned that the Declarant himself filed a declaration supporting the SEC’s motions for Summary Judgement. Defendants claim that this move leaves the Declarant no basis to request the court to conceal his name, position and other details.

Defendant asked the court to order the SEC’s backer declaration to be publically filled. However, it is unquestionable that the declaration lands under the judicial document. While it is entitled to a strong presumption of access that falls under both common law and the first amendment.

The Declarant submitted its declaration on September 8, 2022 and the SEC filed its Summary Judgment motion mentioning the same declaration just after 5 days. Ripple asserts that the details cannot fall under seal over compelling reasons justified by specific on the record findings.

Why are defendants raising disputes?

Ripple and the defendants later highlighted that earlier they didn’t raise any objection to the declarant’s proposed redactions. This included a 2019 email that holds numerous email addresses of the financial bank employees and Ripple employees.

However, Ripple’s filing highlighted that there are several compelling reasons which are lacking here. First is the factual circumstances around this declaration which support its public filing. Second, the claim raised by the declarant of a “risk of harassment”. It stands too vague for the defendants.