Ripple has submitted a motion to the court in New York, urging for the sealing of certain documents related to its ongoing legal battle with the Securities and Exchange Commission (SEC). The company argues that making these documents public could jeopardize its trade secrets and have serious consequences for its reputation and operations.
In a declaration filed by CFO Jonathan Bilich, he emphasized that the disclosure of these documents could lead to a loss of confidence in Ripple, resulting in significant financial losses and disruptions to its business activities.
The motion, filed by the California-based firm on Monday in the Southern District of New York, requests the court to seal unspecified documents that were filed between March 22 and May 6 in the remedies legal fight. In addition to sealing certain documents, Ripple also seeks to redact specific information from others.
The motion is expected to be approved by the court, as the SEC has previously indicated that it has no objections to such requests. Furthermore, Ripple’s legal team reportedly consulted with the agency prior to filing the motion, and the SEC expressed consent to some of Ripple’s requests.
Ripple’s primary reason for wanting the documents sealed is that they contain highly sensitive and confidential material, including copies of the company’s audited financial statements and information about its ongoing business relationships. The company argues that making these documents public would harm its competitive position and financial interests.
Over the years, Ripple has established various partnerships with third-party entities in the exchange, financial, and payment sectors, allowing the company to expand its presence across different industries, including healthcare.
As part of its request, Ripple also seeks to redact financial and pricing terms negotiated with its partners, as disclosure of this information could negatively impact its business relationships and is not relevant to the SEC’s arguments. The company also wants to protect the privacy of its business partners, employees, and associates by redacting or sealing their identities.
In support of Ripple’s arguments, CFO Jonathan Bilich filed a motion at the New York court. He emphasized that the sealed documents contain confidential financial and business information, including balance sheet figures, revenue and expense data, pricing information, investment details, litigation expenses, and non-public financial information. Bilich stated that the SEC already has access to this information and that redacting it from the public would not affect the weight of the SEC’s case.
Meanwhile, the price of XRP is currently trading at $0.5056, showing consolidation in the past day following a 6% dip in the past week. Although it has surpassed the resistance level of $0.5, it faces challenges in maintaining this level, with indicators like the Moving Average Convergence Divergence (MACD) signaling potential bearish trends.
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