XRP Lawsuit: Ripple Files New Reply In Motion To Seal Documents
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.
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