The Ripple lawsuit with the SEC has transitioned into another phase, with the crypto company filing an appeal to impede exhibits from being publicly administered in court. In the latest development, the defendant emphasized that the exhibits contained in some excerpts, and filed under seal by the SEC wouldn’t hold up in court because of their nature. This motion to seal accords with the company’s earlier suit to compel in late August.
Ripple Makes Its Claims
The crypto company debated that the exhibits are discovery materials filed in connection to a discovery-related dispute. These types of materials are termed confidential and not judicial according to the Protective Order. Therefore, any effort to administer it in court is null and void.
In addition, Ripple raised the issue of public interference, citing that the exhibits will not be accessible to the public, regardless of how gargantuan the interests are. Its confidential tag shows that the exhibits can’t be admissible in open court. So the documents are not only irrelevant in material, but to the merit of the SEC.
Ripple also argues that the exhibits are irrelevant to the current case, stating that sealing the documents will not affect the financial regulatory body’s response. According to reports, the SEC made no particular reference to an exhibit in its lawsuit against Ripple, so it’s difficult for the plaintiff to pinpoint the exact information that the crypto company wants to seal.
Ripple Raises Concerns Over Private Information in the Exhibits
The defendants mentioned that the much-talked-about exhibits contain business-sensitive information alongside the SEC’s record of non-digital asset guidance. If exposed, it could cause a rift between the company, the plaintiff, and the concerned business. Ripple then reiterated the need to maintain confidentiality and prevent public access to the sensitive information in the excerpts.
Ripple’s case with the SEC started in late August when the financial regulator filed a lawsuit against the company for engaging in illegal trading and allowing some SEC employees to store digital assets. In early September, Ripple filed a motion to compel, demanding that the commission provide pieces of evidence to back up its claims that Ripple violated trading regulations.
Among the pieces of evidence requested were the concealed identities of those involved, trading pre-clearance data to show the cryptos traded, and documents about workers’ XRP holdings. Although the SEC produced the ethics assets guidance policy, the body filed an opposition against SEC’s requests, citing that the documents would expose employees’ data. Therefore, inadmissible.
XRP’s latest appeal comes after SEC’s letter demanding excerpts related to interrogatories dispute.