- SEC objects to Ripple sealing documents in XRP lawsuit.
- Regulator argues documents are key to determining remedies.
- XRP token price up despite ongoing legal battle.
The SEC has filed an objection to Ripple Labs’ motion to keep certain documents confidential in the ongoing lawsuit over the sale of XRP tokens. The SEC is arguing that the documents in question are essential to the case and should be made public.
Earlier, Ripple filed a motion requesting the court to seal sensitive business information , including financial statements and details about its business relationships. The company argued that this information is not relevant to the core legal issues of the lawsuit.
In its recent filing, the SEC disputed Ripple’s claims, asserting that the company is seeking to conceal information that is critical to determining appropriate remedies in the case. The regulators added that the documents in question are fundamental to the requested remedies. The SEC further argued that there is a strong presumption of public access to court filings, and Ripple has not met the burden of justifying secrecy.
“The SEC does not oppose Ripple’s request to seal five exhibits at issue in their entirety and many of its proposed redactions for the purpose of remedies briefing. But in seeking certain redactions of highly relevant information in the parties’ briefs and declarations and exhibits filed in support of the briefs, Ripple fails to overcome the strong presumption that court filings could be public.”
The SEC contends that Ripple’s request to seal documents would impede public scrutiny of the potential penalties or remedies in the case. The documents in question include Ripple’s current assets, recent sales, revenues and expenses, and institutional investors’ discounts.
Despite the ongoing legal battle, the price of Ripple’s XRP token experienced a positive trend in recent days. Currently trading at $0.5357, the token has seen a surge of 5.75% in one week and 1.30% in one month.
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