Breaking Down the Ripple-SEC Saga: XRP Institutional Sales Discounts, Sealed Agreements & More Unveiled

• Ripple, the blockchain startup, has filed a motion to keep certain documents related to the U.S. SEC’s motion for remedies and judgment confidential.
• The company aims to redact specific portions of the Remedies Motion briefing and seal highly sensitive exhibits.
• XRP lawyer Bill Morgan tweeted about Ripple’s latest filing, highlighting that the company seeks to seal the discounts offered to institutional XRP buyers.

Blockchain startup Ripple has filed a motion to keep certain documents confidential in its ongoing case with the U.S. SEC, including discounts offered to institutional XRP buyers.

Ripple Files Motion to Seal Documents

On Monday, May 13, Ripple filed a motion to seal specific documents related to the U.S. SEC’s motion for remedies and judgment. The company aims to redact certain portions of the Remedies Motion briefing and seal highly sensitive and confidential exhibits. Ripple emphasized that its sealing requests are limited and justified, aimed at safeguarding confidential business data and legitimate privacy interests.

Confidential Information at Stake

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. The company added that the redactions only pertain to information that is highly sensitive, which if disclosed could cause harm to Ripple. It also stated 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.

SEC’s Stance on Ripple’s Request

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.

Ripple’s Commitment to Confidentiality

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.

Conclusion

Ripple’s latest filing aims to protect its confidential business data and legitimate privacy interests. The company seeks to redact certain portions of the Remedies Motion briefing and seal highly sensitive exhibits. The outcome of this motion could have significant implications for Ripple’s ongoing case with the U.S. SEC.