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SEC v. Ripple: Defendant Files Motion to Seal Documents

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Tue, 14/05/2024 - 6:42
SEC v. Ripple: Defendant Files Motion to Seal Documents
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San Francisco-based blockchain company Ripple has filed to seal or narrowly redact some of its documents in connection with the US Securities and Exchange Commission’s motion for judgment and remedies. 

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Ripple claims that the disclosure of these non-public documents would cause “significant harm” to its business interests. 

The company wants to seal or redact highly confidential information concerning its earnings, revenues, expenses and so on.

In addition, Ripple wants to keep its contractual agreements with thirty-party business partners under wraps. While Ripple admits that the fact that it offered discounts to institutional XRP buyers is relevant, it is not willing to disclose the specific financial and pricing terms. 

Ripple has stressed that the redactions are “narrowly drawn” and “warranted” due to their “sensitive” nature. 

Moreover, Ripple is also seeking to protect the identities of certain non-party financial institutions, customers as well as employees. The disclosure of these identities would be “detrimental” to their “legitimate privacy interests,” according to the filing. This could potentially damage Ripple’s partnerships.

As reported by U.Today, the SEC is requesting more than $2 billion worth of fines and penalties from Ripple. However, the defendant insists that the civil penalty should not exceed $10 million. 

Stuart Alderoty, Ripple’s chief lawyer, recently said that the lawsuit was “closer than ever” to its resolution. 

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