Coinspeaker
Ripple vs SEC Battle Heats Up as Agency Fights to Reveal XRP Secrets
There has been another development in the ongoing Ripple vs SEC lawsuit as the US Securities and Exchange Commission (SEC) has opposed in part to Ripple’s motion to seal evidence from the public.
Earlier, Ripple filed a motion to have the court redact evidence related to the remedies briefing that SEC filed on March 22 and other documents. The company asked to have five exhibits at issue. However, the SEC has now filed a counter-motion, asking the court to publicize Ripple’s business details in the remedies briefing.
According to Ripple, making public its financial reports, details on post-complaint XRP institutional sales, and other confidential details poses high risks to the company.
SEC Calls Ripple’s Request ‘Unlawful’
Per the US SEC’s latest filing, which was revealed on May 21, Ripple’s attempt to deny the public access to its financial and securities sales information amounts to lawlessness.
The commission quickly stated that it was not against Ripple’s request to seal some exhibits. However, issues such as financial figures and other details remain fundamental to requested remedies, the SEC added.
The SEC believes that if the court grants Ripple’s redaction request in its entirety, then public information that could be key to the court’s decisions in the remedies phase would be hidden. The commission also added that that move would also affect the court’s understanding of the public and the amount of penalties to pronounce.
According to the US SEC, the amount of Ripple’s current assets, for instance, could help to determine the penalty amount. Also, Ripple’s recent sales will be relevant to injunctive relief and penalties. Revenues and expenses are vital to disgorgement, while the size of discounts to some institutional investors will be used to understand the gravity of harm to investor harm.
SEC’s Latest Filing
After its arguments, the regulator further pointed to how Ripple has failed to show convincingly how making these details publicly available could cause any harm. Furthermore, the SEC argues that the financial details and other information are old, with most already available to the public. Therefore, it does not exactly make any sense that Ripple continues to rely on sealing these pieces of evidence.
XRP Price Jumps
Meanwhile, it might be worth noting that the Ripple-related token XRP is unbothered by the SEC’s latest filing. Its price climbed 5% in the past 24 hours and is currently trading at $0.535. Interestingly, its trading volume has also increased by over 150% within the same period. This indicates an increase in interest and user activity around the token.
Ripple vs SEC Battle Heats Up as Agency Fights to Reveal XRP Secrets
