Ripple v. SEC case update as of May 30, 2024
The post Ripple v. SEC case update as of May 30, 2024 appeared on BitcoinEthereumNews.com.
As the cryptocurrency community continues to wait for the final outcome of the prolonged and widely publicized court battle between the United States Securities and Exchange Commission (SEC) and blockchain company Ripple, the two opposing sides continue to throw motions at each other. In the most recent update, Ripple has filed a reply letter in further support of its motion to seal documents in connection with the regulator’s motion for judgment and remedies, according to the document shared by a defense attorney and former federal prosecutor, James K. Filan, in an X post on May 29. Details of Ripple’s reply letter Specifically, the blockchain firm’s legal team has once again asked Judge Analisa Torres to grant its “narrowly tailored request to seal the confidential, non-public information submitted in connection with the SEC’s motion for remedies,” arguing that: “The SEC should not be able to force disclosure of Ripple’s highly sensitive confidential financial information merely by raising arguments that have no basis, especially where the Court can reject those arguments without considering any of the highly confidential facts.” Furthermore, Ripple said that revealing this information might harm its interests, citing an argument that “confidential business information dating back even a decade or more may provide valuable insights into a company’s current business practices that a competitor would seek to exploit.” SEC v. Ripple news As a reminder, Ripple earlier filed its motion to seal confidential information, including the “negotiated financial terms of its contractual agreements with certain third-party business partners,” to which the SEC replied by arguing that the information should be public because it “constitutes judicial documents.” Indeed, the SEC seeks to make Ripple’s financial data public in order to justify the $2 billion in fines and penalties, which the blockchain company and its supporters categorically reject, stressing that any…
Filed under: News - @ May 30, 2024 8:16 am