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New Motion Filed by the SEC According to court documents, the U.S. Securities and Exchange Commission (SEC) has petitioned Judge Analisa Torres, arguing that information Ripple is attempting to conceal should be made public. The financial and securities sales data Ripple wishes to seal are described as “judicial documents,” which is one of the primary reasons they should be accessible to the public.
“The SEC will not question the sealing of Ripple’s recent comprehensive financial statements. However, if both parties use financial data or specific contract terms to calculate and substantiate the reasonableness of their remedial requests, such information should be disclosed,”
argued the Commission in court.
The SEC noted that Ripple has repeatedly cited the SEC’s early stance on sealing and redaction, as well as the court’s decisions in the early stages of the litigation, to justify its current requests. However, Ripple fails to recognize three key differences.
What Are the Main Reasons? The SEC states that the first reason is that the court’s previous rulings were specific to redactions in certain documents, not the rest of the case. Information deemed non-critical by the court for summary judgment decisions, including the financial information and offer terms Ripple seeks to seal, is now crucial for decisions on remedies.
The second reason is that Ripple has been adjudged to have sold investment contracts without registering the sales or making the required disclosures. Yet, Ripple persists in trying to conceal the information it was legally obligated to disclose during those security sales.
Lastly, the third reason is that more years have passed since the court’s previous decisions on sealing and redaction, rendering much of the business information Ripple still wishes to conceal increasingly outdated.
Ripple’s native cryptocurrency recorded a rise amidst key case filings. The price of XRP has increased by over 6% in the past 24 hours. Meanwhile, it is still down about 12% year-to-date (YTD). At the time of writing, the average trading price of XRP is $0.543. This is an 85% decrease from its all-time high (ATH) of $3.84 on January 4, 2018.
Sentiment: Neutral
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