Ripple, a crypto payments company based in San Francisco, has filed a comprehensive motion to seal certain materials related to the SEC’s motion for judgment and remedies. The filing was made yesterday at the United States District Court for the Southern District of New York (SDNY).
In its motion, Ripple is requesting specific redactions to the remedies-related brief, as well as the complete sealing of certain exhibits. The purpose of this request is to protect Ripple’s highly confidential business information and the legitimate privacy interests of third parties.
Before submitting the motion, Ripple’s legal team and the SEC’s legal team discussed the proposed sealing requests. While the SEC agreed to some of Ripple’s requests, it opposed others.
Ripple has provided reasons for wanting to seal its financial documents. Firstly, as a private company, it has never publicly disclosed its financial statements. Secondly, Ripple believes that making its financial statements public would have a significantly negative impact on its operations. The company argues that publishing these documents would expose sensitive information about its financial condition, revenue streams, and long-term business plans.
Additionally, Ripple states that the proposed redactions to its financial statements do not alter the substance of the remedies-related brief. Lastly, Ripple highlights that similar sealing requests were granted during the summary judgment phase of the lawsuit.
Furthermore, Ripple is seeking to seal materials related to its confidential business relationships, particularly the financial terms of its contractual agreements with certain third-party partners. The requested redactions specifically focus on the financial and pricing terms negotiated between Ripple and these partners. The company asserts that while these contracts and discounts may be relevant to the SEC’s arguments, the financial and pricing terms are not relevant in this context.
Ripple asserts that its sealing requests will have minimal impact on the court’s decisions regarding judgment and remedies. The company argues that the proposed redactions are narrow and targeted, only involving highly sensitive information that could cause harm if publicly disclosed.
Pro-XRP lawyer Bill Morgan comments on Ripple’s desire to seal the discounts offered to institutional buyers of XRP. Additionally, Ripple’s CFO, Jonathan Bilich, has submitted a declaration in support of the motion to seal.
Defense lawyer James K. Filan, known for his experience in similar cases, has shared Ripple’s proposed sealing requests.
The SEC is expected to file its opposition to Ripple’s motion by May 20, 2024. The court will then decide whether to grant or deny Ripple’s sealing request before issuing a final judgment.
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