A recent court filing by Ripple Labs seeks to seal certain documents related to the SEC’s Motion for Judgment and Remedies, citing sensitive financial information involving audited financial statements and confidential business data.
A Closer Look at Ripple’s Sealing Request
Ripple’s legal representative, Andrew J. Ceresney, has elucidated the reasons behind the request to Judge Analisa Torres, highlighting the potential harm to Ripple’s competitive edge should the information be publicly disclosed.
The request aims to safeguard discounts offered to institutional buyers of XRP, outlining three primary justifications for sealing the documents.
Guarding Sensitive Financial Details: Ripple stresses the importance of protecting its confidential financial information to maintain its strategic advantage in the market.
Preserving Negotiating Power: The request also intends to shield the financial terms negotiated with third-party partners to avoid compromising future deals.
Ensuring Privacy of Non-Parties: Ripple seeks to redact the identities of non-party entities to protect their privacy rights, deeming such information irrelevant to the case.
Ripple’s legal team notes the lack of opposition from the SEC on several sealing requests, potentially bolstering their motion. The motion cites past instances where courts granted similar requests, indicating a precedent in favor of confidentiality protection.
Legal expert Bill Morgan supports Ripple’s right to safeguard sensitive information, particularly in response to the SEC’s arguments. The current XRP trading value stands at $0.507.
