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SEC Responds to Ripple’s Motion Application
The US Securities and Exchange Commission (SEC) recently responded to Ripple’s motion application to seal and redact the company’s business details in the parties’ briefings on remedies. The SEC argued that concealing financial and securities sales information from the public was unlawful as it is crucial to the requested remedies.
SEC’s Argument Against Ripple’s Requests
- The SEC believes that redacting information would obscure public details essential to the court’s decisions and the public’s understanding of the penalties.
- Details requested to be made public include Ripple’s current assets, recent sales figures, revenues and expenses, and discounts given to institutional investors.
- The SEC argues that Ripple has not provided sufficient evidence to warrant the protection of publicly available information.
Ripple’s Response to SEC’s Claims
Ripple aims to hide the extent of offering XRP at discriminatory prices, but the SEC argues that this information is crucial and dates back to 2014. The SEC further notes that Ripple’s changes in selling XRP do not justify concealing past financial details.
Legal Dispute Background
The legal dispute between the SEC and Ripple began in December 2020 when the SEC charged Ripple with unlawfully raising funds through an unregistered securities offering. The trial phase commenced in April 2024, with the SEC seeking over $2 billion in fines and penalties from Ripple.
Ripple’s Motion for Confidentiality
Ripple filed a motion to seal or redact documents concerning the SEC’s motion for judgment and remedies, citing potential harm to its business interests. The company aims to keep confidential information regarding its earnings, revenues, expenses, and contractual agreements with third-party partners.
SEC’s Stance on Confidentiality
The SEC believes that Ripple’s business details should be made public to provide transparency on XRP sales and contribute to the legal process. Despite Ripple’s concerns about disclosing specific financial terms, the SEC emphasizes the importance of transparency in this legal battle.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
