In the latest development on Monday, May 13, blockchain startup Ripple filed a new motion to seal certain documents associated with the U.S. SEC’s motion for remedies and judgment. Ripple has sought some redactions to the briefing of the Remedies Motion while requesting to seal some of the highly sensitive and confidential exhibits.

Ripple added that its limited sealing requests are reasonable and tailored to protect confidential business information as well as legitimate privacy businesses.

Ripple Requests to Seal Remedies Material

In its filing, Ripple stated that its Remedies Materials consist of confidential information such as its audited financial statement and documents, and other information regarding its ongoing business relationships.

Thus, it added that the redactions only pertain to information that is highly sensitive, which if disclosed could cause harm to Ripple. It adds that the information that Ripple has proposed to redact would have a minimum bearing on the Court’s resolution of the motion for Judgement and Remedies.

While the SEC has contended to agree to some of Ripple’s requests, the regulator has opposed a few. In its filing to the court, Ripple said that the SEC hasn’t opposed Ripple’s request to seal. The blockchain firm believes that the court should grant its request for the same reasons it sought the sealing and redactions in the Summary Judgment.

In a recent statement, Ripple’s Chief Financial Officer, Jonathan Bilich, emphasized the company’s commitment to safeguarding its sensitive and proprietary business information. Bilich highlighted that Ripple, being a private entity, dedicates substantial efforts to maintain the confidentiality of its data.

“I attest that the information Ripple seeks to redact is highly sensitive and confidential business and proprietary information. Its disclosure to the public would be detrimental to Ripple’s business relationships with customers and other counterparties and harm Ripple’s standing in the competitive marketplace,” stated Bilich.

@Ripple CFO Jonathan Bilich has filed a Declaration in Support of @Ripple‘s Motion to Seal.https://t.co/r1dvt2vgPq

— James K. Filan (@FilanLaw) May 14, 2024

Responding to the current developments, XRP Lawyer Bill Morgan stated that “Ripple wants to seal the discounts offered to institutional buyers of XRP”.

XRP Price Jumps

Ripple’s native cryptocurrency XRP has seen a 3% jump in the last 24 hours crossing $0.50 once again The ongoing SEC vs Ripple case has prevented any concrete rally in the XRP price. As the case comes near its conclusion, analysts are expecting the XRP price to Rally to $1 and beyond.

The post Ripple Vs SEC: XRP Institutional Sales Discounts, Agreement to Sell, & Other Key Details Sealed appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am