- Ripple has filed a New York motion asking the court to seal documents related to the SEC’s remedies case, as doing so would expose the company’s trade secrets.
- Jonathan Bilich (CFO) filed a declaraion in which it was argued that publicising certain documents would lead to Ripple’s losing trust, leading to significant losses and disruption of operations.
Ripple has filed a motion arguing that the public release of certain documents from the SEC and Ripple court case could be detrimental to its blockchain technology.
Californian firm files lawsuit motion On Monday, the Southern District in New York requested the court seal documents that were not named in a legal battle filed between 22 March and 6 May. The company sought to redact some of the documents in addition to sealing them.
#XRPCommunity #SECGov v. #Ripple #XRP @Ripple Has filed a Motion to Seal Certain Files in Connection with the @SECGovMotion for Judgment, Remedies and Remedies.
https://t.co/BCeLaHOnw0— James K. Filan 🇺🇸🇮🇪 (@FilanLaw) May 14, 2024
It is likely that the motion will be approved as SEC previously stated it had no objections. Ripple’s lawyers reportedly spoke with SEC prior to filing their motion. “indicated that it consents to certain of Ripple’s requests.”
A company has sealed documents because they may contain confidential information. “highly sensitive and confidential material, including copies of Ripple’s audited financial statements and documents containing information about Ripple’s ongoing business relationships.”
The company also demands sealed documents containing copies of audited financial statements. financial , .,……………?…………..???………….????.. financial interests.
Ripple, over the past few years, has entered into several agreements with other parties, ranging from exchanges and financial The company has expanded its presence to several verticals and sectors, including healthcare. Crypto News Flash has expanded its reach to include healthcare and other verticals. reported.
The Court should remove documents with racial content. “specific financial and pricing terms” The firm should state that they have negotiated terms with the partners. The SEC does not have a case for revealing such terms, as it would harm the company’s relationships with its partners.
Ripple is also asking the court to remove or seal some of Ripple’s employees, business partners and partners. Their privacy is a concern, it argues. “should weigh heavily in a court’s balancing equation.”
Ripple vs. SEC Case Draws Near to an End
Jonathan Bilich is the Ripple’s CFO and filed an accompanying document. motion The company was able to present its arguments in New York’s court. Bilich is in the position since January of this year.
Ripple argues that documents that he wants sealed are a threat to national security. “confidential balance sheet, revenue and expense figures, pricing, costs, revenue, and profit information about Ripple’s prior and existing business lines, investments in third-party entities, unrelated litigation expenses and settlements, and other non-public financial and business information.”
He claimed that the SEC has already accessed the information, and used it in order to take action against the Blockchain Payments Company. The SEC argument will not be affected by redacting the information.
XRP has traded at $0.5056 for the past 24 hours, consolidating during that time. 6% Dip in the last week. It faces a tough task to stay above the $0.5 level. Indicators such as Moving Average Convergence Divergence(MACD) are indicating a bearish future.
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Source: www.crypto-news-flash.com