XRP Lawsuit: US SEC opposes Ripple’s motion to seal evidence from public, saying specifics are crucial to remedies phase decision.
The U.S. Securities and Exchange Commission (SEC) has expressed some opposition to Ripple’s motion to seal and redact evidence related to remedies briefing and documents.
The SEC requests that the court issue an order mandating the disclosure of Ripple’s business details in its March 22 briefing on remedies.
Ripple had previously petitioned the court to sequester and redact other confidential information, including financial reports and details on post-complaint XRP institutional sales, in light of the significant risks faced by Ripple Labs.
SEC Claims to Make Ripple’s Record Public
The U.S. Securities and Exchange Commission has returned its response to Ripple’s motion to sequester and redact documents, which it partially opposes, according to the most recent court filing made public on May 21.
The SEC asserts that Ripple’s demand to “conceal financial and securities sales information” from the public violates the law, given that the crucial details, including financial figures, are essential to the requested remedies.
The SEC asserts that Ripple’s redaction requests would obscure public information crucial to the court’s remedies phase decisions and the public’s comprehension of the penalty amount.
The details include the amount of Ripple’s current assets (relevant to penalty amount), the amount of recent sales (injunctive relief and penalties), revenues & expenses (disgorgement), and the size of discounts to some institutional investors (investor harm).
Furthermore, the regulator contends that Ripple neglected to provide sufficient evidence to support its claim that publicly accessible information could cause significant harm, necessitating protection.
Additionally, it stated that the financial information and other data are obsolete and no longer relevant and that specific evidence is already accessible to the public.
Consequently, Ripple claims that the court has previously granted sealing approvals in the present circumstances are without merit.
XRP Price Rises, Whales Sell Holdings
Presently trading at $0.535, the XRP price has increased by 5% over the previous twenty-four hours.
The 24-hour low and high are $0.507 and $0.542, respectively.
Furthermore, over the past twenty-four hours, the trading volume has increased by over 150%, indicating a surge in trader interest.
In light of the SEC’s request that exchanges update 19b-4 filings, the likelihood of spot Ethereum ETF approval increased to 75%, which prompted the recent rally.
Analysts believe, however, that the price will remain at lower levels throughout the remainder of the year, as a breach of the triangle pattern is crucial for a significant price recovery.
Whales have divested some XRP holdings in the interim as the SEC submits its opposition to Ripple’s request to seal institutional sales information and financial details.
