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SEC Files Reply to Ripple’s Latest Motion: Details

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Tue, 21/05/2024 - 8:02
SEC Files Reply to Ripple’s Latest Motion: Details
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In a recent filing, the US Securities and Exchange Commission opposed in part Ripple's attempt to seal and redact evidence related to the dispute regarding remedies. 

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According to the agency, Ripple fails to overcome "the strong presumption" that these filings should be public. 

While Ripple has pointed to the SEC's earlier sealing and redaction positions, this was in the context of specific filings. Moreover, the agency has pointed to the fact that Ripple has now been adjudicated to have illegally sold investment contracts to institutional buyers without the necessary disclosures. 

The SEC argues that Ripple's request to hide financial and securities sales information should be denied since it is "at the heart" of the arguments that both parties have presented regarding the remedies. 

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Ripple might be allowed to seal some of its financial statements. However, it should be required to disclose specific financial figures or terms of contracts that are pertinent to the remedies request. "If the public cannot see how the remedies requested and ordered compare to Ripple's actual financial information, general deterrence will be significantly undermined," the SEC said. 

The SEC has added that it has limited its sealing and redaction objections to the information that will be relevant to the court's determination. The agency wants Ripple to reveal the amount of its current assets, the amount of recent sales, revenues, and expenses as well as the size of discounts.

The agency insists that it opposes the redaction of "very little" financial information. 

As reported by U.Today, Ripple insisted that the disclosure of the aforementioned documents could harm its business interests. 

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